Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,966/mo
Lowest payment- Down payment
- $277,751
- Funds due
- $291,682
- Interest + MI left
- $102,313
- First ends
- Dec 2050
Assumption
Assumption + second
$3,557/mo
+$1,590/mo- Down payment
- $55,751
- Funds due
- $71,168
- Interest + MI left
- $452,869
- First ends
- Dec 2050
New loan
New conventional
$4,112/mo
+$2,146/mo- Down payment
- $55,751
- Funds due
- $67,352
- Interest + MI left
- $722,528
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,149 | $272,149 | $494,149 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,300.21 | $1,300.21 | $3,347.54 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $98.83 |
| Taxes, insurance & HOA | $666.08 | $666.08 | $666.08 |
| Total housing payment | $1,966.30 | $3,556.73 | $4,112.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,751
Closing costs & prepaids$15,416
Usable credit−$0
Total buyer cash needed$71,168
Earnest money paid−$0
Remaining funds due$71,168
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,360.74
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)$1,402.25
Initial HOA (3 months)$96.00
Prepaid interest, first (5 days)$104.76
Prepaid interest, second (5 days)$235.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.81%
Interest already paid$49,738Through Dec 2026
Assumption only · ends Dec 2050$102,313
Assumption + second · ends Dec 2050, second Jan 2057$452,869
New conventional · ends Jan 2057$722,528