Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,110/mo
Lowest payment- Down payment
- $365,022
- Funds due
- $380,230
- Interest + MI left
- $100,986
- First ends
- Nov 2051
Assumption
Assumption + second
$4,281/mo
+$2,171/mo- Down payment
- $62,022
- Funds due
- $78,544
- Interest + MI left
- $579,449
- First ends
- Nov 2051
New loan
New conventional
$4,879/mo
+$2,769/mo- Down payment
- $62,022
- Funds due
- $74,659
- Interest + MI left
- $838,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,978 | $249,978 | $552,978 |
| Second mortgage | — | $303,000 | — |
| First P&I | $1,169.88 | $1,169.88 | $3,828.71 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $110.60 |
| Taxes, insurance & HOA | $940.00 | $940.00 | $940.00 |
| Total housing payment | $2,109.88 | $4,280.61 | $4,879.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,022
Closing costs & prepaids$16,522
Usable credit−$0
Total buyer cash needed$78,544
Earnest money paid−$0
Remaining funds due$78,544
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,249.89
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,600.00
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$19.72
Prepaid interest, second (1 days)$64.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yrOf the original 30-year loan at 2.880%
Interest already paid$38,380Through Nov 2026
Assumption only · ends Nov 2051$100,986
Assumption + second · ends Nov 2051, second Dec 2056$579,449
New conventional · ends Dec 2056$838,628