Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,476/mo
Lowest payment- Down payment
- $250,004
- Funds due
- $264,864
- Interest + MI left
- $68,109
- First ends
- Dec 2050
Assumption
Assumption + second
$3,959/mo
+$1,483/mo- Down payment
- $43,004
- Funds due
- $59,333
- Interest + MI left
- $394,980
- First ends
- Dec 2050
New loan
New conventional
$4,296/mo
+$1,820/mo- Down payment
- $43,004
- Funds due
- $56,071
- Interest + MI left
- $558,541
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,996 | $174,996 | $381,996 |
| Second mortgage | — | $207,000 | — |
| First P&I | $844.11 | $844.11 | $2,587.77 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $76.40 |
| Taxes, insurance & HOA | $1,632.25 | $1,632.25 | $1,632.25 |
| Total housing payment | $2,476.36 | $3,959.34 | $4,296.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,004
Closing costs & prepaids$16,329
Usable credit−$0
Total buyer cash needed$59,333
Earnest money paid−$0
Remaining funds due$59,333
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$874.98
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)$1,083.75
Initial HOA (3 months)$3,363.00
Prepaid interest, first (5 days)$69.52
Prepaid interest, second (5 days)$219.76
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 2.9%
Interest already paid$32,972Through Dec 2026
Assumption only · ends Dec 2050$68,109
Assumption + second · ends Dec 2050, second Jan 2057$394,980
New conventional · ends Jan 2057$558,541