Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,978/mo
Lowest payment- Down payment
- $300,997
- Funds due
- $315,097
- Interest + MI left
- $133,914
- First ends
- Nov 2050
Assumption
Assumption + second
$3,676/mo
+$1,698/mo- Down payment
- $63,997
- Funds due
- $79,448
- Interest + MI left
- $508,157
- First ends
- Nov 2050
New loan
New conventional
$4,420/mo
+$2,443/mo- Down payment
- $63,997
- Funds due
- $75,172
- Interest + MI left
- $865,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,903 | $333,903 | $570,903 |
| Second mortgage | — | $237,000 | — |
| First P&I | $1,624.37 | $1,624.37 | $3,952.82 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $114.18 |
| Taxes, insurance & HOA | $353.25 | $353.25 | $353.25 |
| Total housing payment | $1,977.61 | $3,675.51 | $4,420.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,997
Closing costs & prepaids$15,451
Usable credit−$0
Total buyer cash needed$79,448
Earnest money paid−$0
Remaining funds due$79,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,669.52
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)$497.25
Initial HOA (3 months)$62.49
Prepaid interest, first (2 days)$54.52
Prepaid interest, second (2 days)$100.64
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 2.980%
Interest already paid$64,588Through Nov 2026
Assumption only · ends Nov 2050$133,914
Assumption + second · ends Nov 2050, second Dec 2056$508,157
New conventional · ends Dec 2056$865,813