Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,604/mo
Lowest payment- Down payment
- $258,911
- Funds due
- $270,732
- Interest + MI left
- $53,847
- First ends
- Nov 2045
Assumption
Assumption + second
$3,137/mo
+$1,533/mo- Down payment
- $44,911
- Funds due
- $58,073
- Interest + MI left
- $391,771
- First ends
- Nov 2045
New loan
New conventional
$3,388/mo
+$1,784/mo- Down payment
- $44,911
- Funds due
- $54,717
- Interest + MI left
- $599,100
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,089 | $181,089 | $395,089 |
| Second mortgage | — | $214,000 | — |
| First P&I | $1,030.42 | $1,030.42 | $2,735.52 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $79.02 |
| Taxes, insurance & HOA | $573.17 | $573.17 | $573.17 |
| Total housing payment | $1,603.59 | $3,136.71 | $3,387.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,911
Closing costs & prepaids$13,162
Usable credit−$0
Total buyer cash needed$58,073
Earnest money paid−$0
Remaining funds due$58,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$905.45
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,157.00
Initial HOA (3 months)$112.50
Prepaid interest, first (2 days)$28.38
Prepaid interest, second (2 days)$90.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing19 yrOf the original 24-year loan at 2.860%
Interest already paid$28,384Through Nov 2026
Assumption only · ends Nov 2045$53,847
Assumption + second · ends Nov 2045, second Dec 2056$391,771
New conventional · ends Dec 2056$599,100