Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,587/mo
Lowest payment- Down payment
- $348,073
- Funds due
- $365,753
- Interest + MI left
- $124,510
- First ends
- Dec 2050
Assumption
Assumption + second
$4,528/mo
+$1,941/mo- Down payment
- $77,073
- Funds due
- $96,521
- Interest + MI left
- $552,442
- First ends
- Dec 2050
New loan
New conventional
$5,522/mo
+$2,935/mo- Down payment
- $77,073
- Funds due
- $92,073
- Interest + MI left
- $1,013,174
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,927 | $421,927 | $692,927 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,897.35 | $1,897.35 | $4,694.13 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $138.59 |
| Taxes, insurance & HOA | $689.67 | $689.67 | $689.67 |
| Total housing payment | $2,587.02 | $4,528.50 | $5,522.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,073
Closing costs & prepaids$19,449
Usable credit−$0
Total buyer cash needed$96,521
Earnest money paid−$0
Remaining funds due$96,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,109.64
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)$924.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$234.08
Prepaid interest, second (9 days)$517.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.25%
Interest already paid$62,168Through Dec 2026
Assumption only · ends Dec 2050$124,510
Assumption + second · ends Dec 2050, second Jan 2057$552,442
New conventional · ends Jan 2057$1,013,174