Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,122/mo
Lowest payment- Down payment
- $362,881
- Funds due
- $377,974
- Interest + MI left
- $140,257
- First ends
- Dec 2050
Assumption
Assumption + second
$4,214/mo
+$2,092/mo- Down payment
- $70,881
- Funds due
- $87,286
- Interest + MI left
- $601,349
- First ends
- Dec 2050
New loan
New conventional
$4,952/mo
+$2,830/mo- Down payment
- $70,881
- Funds due
- $82,886
- Interest + MI left
- $953,975
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,119 | $337,119 | $629,119 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,651.82 | $1,651.82 | $4,355.89 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $125.82 |
| Taxes, insurance & HOA | $470.42 | $470.42 | $470.42 |
| Total housing payment | $2,122.23 | $4,214.16 | $4,952.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,881
Closing costs & prepaids$16,405
Usable credit−$0
Total buyer cash needed$87,286
Earnest money paid−$0
Remaining funds due$87,286
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,685.59
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)$755.25
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$28.35
Prepaid interest, second (1 days)$62.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 1 moOf the original 30-year loan at 3.070%
Interest already paid$66,090Through Nov 2026
Assumption only · ends Dec 2050$140,257
Assumption + second · ends Dec 2050, second Dec 2056$601,349
New conventional · ends Dec 2056$953,975