Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,732/mo
Lowest payment- Down payment
- $440,523
- Funds due
- $458,899
- Interest + MI left
- $164,624
- First ends
- Nov 2050
Assumption
Assumption + second
$5,283/mo
+$2,550/mo- Down payment
- $84,523
- Funds due
- $104,300
- Interest + MI left
- $726,778
- First ends
- Nov 2050
New loan
New conventional
$6,174/mo
+$3,441/mo- Down payment
- $84,523
- Funds due
- $99,480
- Interest + MI left
- $1,153,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,477 | $404,477 | $760,477 |
| Second mortgage | — | $356,000 | — |
| First P&I | $1,976.05 | $1,976.05 | $5,265.39 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | — | — | $152.10 |
| Taxes, insurance & HOA | $756.33 | $756.33 | $756.33 |
| Total housing payment | $2,732.38 | $5,282.81 | $6,173.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,523
Closing costs & prepaids$19,777
Usable credit−$0
Total buyer cash needed$104,300
Earnest money paid−$0
Remaining funds due$104,300
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,022.39
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)$1,103.00
Initial HOA (3 months)$516.00
Prepaid interest, first (2 days)$66.93
Prepaid interest, second (2 days)$151.18
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 3.020%
Interest already paid$79,253Through Nov 2026
Assumption only · ends Nov 2050$164,624
Assumption + second · ends Nov 2050, second Dec 2056$726,778
New conventional · ends Dec 2056$1,153,315