Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $287,760
- Funds due
- $300,634
- Interest + MI left
- $99,292
- First ends
- Nov 2050
Assumption
Assumption + second
$3,291/mo
+$1,669/mo- Down payment
- $54,760
- Funds due
- $68,983
- Interest + MI left
- $467,219
- First ends
- Nov 2050
New loan
New conventional
$3,858/mo
+$2,236/mo- Down payment
- $54,760
- Funds due
- $65,188
- Interest + MI left
- $735,802
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,240 | $252,240 | $485,240 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,220.60 | $1,220.60 | $3,359.70 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $97.05 |
| Taxes, insurance & HOA | $401.25 | $401.25 | $401.25 |
| Total housing payment | $1,621.85 | $3,291.09 | $3,858.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,760
Closing costs & prepaids$14,222
Usable credit−$0
Total buyer cash needed$68,983
Earnest money paid−$0
Remaining funds due$68,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,261.20
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)$463.75
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$40.50
Prepaid interest, second (2 days)$98.95
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 closing24 yrOf the original 30-year loan at 2.930%
Interest already paid$48,001Through Nov 2026
Assumption only · ends Nov 2050$99,292
Assumption + second · ends Nov 2050, second Dec 2056$467,219
New conventional · ends Dec 2056$735,802