Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,052/mo
Lowest payment- Down payment
- $287,889
- Funds due
- $305,831
- Interest + MI left
- $182,354
- First ends
- Nov 2050
Assumption
Assumption + second
$4,564/mo
+$1,512/mo- Down payment
- $76,889
- Funds due
- $96,171
- Interest + MI left
- $515,541
- First ends
- Nov 2050
New loan
New conventional
$5,646/mo
+$2,594/mo- Down payment
- $76,889
- Funds due
- $91,111
- Interest + MI left
- $1,035,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,111 | $472,111 | $683,111 |
| Second mortgage | — | $211,000 | — |
| First P&I | $2,272.45 | $2,272.45 | $4,729.72 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $136.62 |
| Taxes, insurance & HOA | $779.75 | $779.75 | $779.75 |
| Total housing payment | $3,052.19 | $4,563.82 | $5,646.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,889
Closing costs & prepaids$19,282
Usable credit−$0
Total buyer cash needed$96,171
Earnest money paid−$0
Remaining funds due$96,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,360.55
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,209.00
Initial HOA (3 months)$480.24
Prepaid interest, first (2 days)$74.50
Prepaid interest, second (2 days)$89.60
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 2.880%
Interest already paid$88,360Through Nov 2026
Assumption only · ends Nov 2050$182,354
Assumption + second · ends Nov 2050, second Dec 2056$515,541
New conventional · ends Dec 2056$1,035,847