Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,732/mo
Lowest payment- Down payment
- $291,454
- Funds due
- $304,694
- Interest + MI left
- $106,905
- First ends
- Nov 2050
Assumption
Assumption + second
$3,416/mo
+$1,684/mo- Down payment
- $56,454
- Funds due
- $71,044
- Interest + MI left
- $477,990
- First ends
- Nov 2050
New loan
New conventional
$4,016/mo
+$2,284/mo- Down payment
- $56,454
- Funds due
- $67,155
- Interest + MI left
- $763,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,546 | $268,546 | $503,546 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,303.65 | $1,303.65 | $3,486.45 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $100.71 |
| Taxes, insurance & HOA | $428.67 | $428.67 | $428.67 |
| Total housing payment | $1,732.32 | $3,415.89 | $4,015.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,454
Closing costs & prepaids$14,590
Usable credit−$0
Total buyer cash needed$71,044
Earnest money paid−$0
Remaining funds due$71,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,342.73
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)$468.00
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$43.56
Prepaid interest, second (2 days)$99.79
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 2.960%
Interest already paid$51,609Through Nov 2026
Assumption only · ends Nov 2050$106,905
Assumption + second · ends Nov 2050, second Dec 2056$477,990
New conventional · ends Dec 2056$763,661