Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,595/mo
Lowest payment- Down payment
- $234,674
- Funds due
- $249,965
- Interest + MI left
- $159,445
- First ends
- Nov 2050
Assumption
Assumption + second
$3,857/mo
+$1,262/mo- Down payment
- $62,674
- Funds due
- $79,290
- Interest + MI left
- $441,792
- First ends
- Nov 2050
New loan
New conventional
$4,691/mo
+$2,097/mo- Down payment
- $62,674
- Funds due
- $74,757
- Interest + MI left
- $852,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,326 | $390,326 | $562,326 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,908.93 | $1,908.93 | $3,893.43 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $112.47 |
| Taxes, insurance & HOA | $685.58 | $685.58 | $685.58 |
| Total housing payment | $2,594.51 | $3,856.58 | $4,691.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,674
Closing costs & prepaids$16,617
Usable credit−$0
Total buyer cash needed$79,290
Earnest money paid−$0
Remaining funds due$79,290
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,951.63
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)$1,494.25
Initial HOA (3 months)$62.49
Prepaid interest, first (2 days)$64.80
Prepaid interest, second (2 days)$75.40
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 3.030%
Interest already paid$76,724Through Nov 2026
Assumption only · ends Nov 2050$159,445
Assumption + second · ends Nov 2050, second Dec 2056$441,792
New conventional · ends Dec 2056$852,805