Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,173/mo
Lowest payment- Down payment
- $161,207
- Funds due
- $174,576
- Interest + MI left
- $126,501
- First ends
- Dec 2050
Assumption
Assumption + second
$2,995/mo
+$822/mo- Down payment
- $49,207
- Funds due
- $63,924
- Interest + MI left
- $310,355
- First ends
- Dec 2050
New loan
New conventional
$3,629/mo
+$1,455/mo- Down payment
- $49,207
- Funds due
- $59,909
- Interest + MI left
- $629,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,793 | $323,793 | $435,793 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,563.52 | $1,563.52 | $2,931.61 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $87.16 |
| Taxes, insurance & HOA | $609.75 | $609.75 | $609.75 |
| Total housing payment | $2,173.27 | $2,995.08 | $3,628.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,207
Closing costs & prepaids$14,718
Usable credit−$0
Total buyer cash needed$63,924
Earnest money paid−$0
Remaining funds due$63,924
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,618.97
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)$1,236.75
Initial HOA (3 months)$92.49
Prepaid interest, first (4 days)$103.26
Prepaid interest, second (4 days)$98.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2.91%
Interest already paid$61,211Through Dec 2026
Assumption only · ends Dec 2050$126,501
Assumption + second · ends Dec 2050, second Jan 2057$310,355
New conventional · ends Jan 2057$629,696