Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $199,399
- Funds due
- $210,668
- Interest + MI left
- $88,801
- First ends
- Nov 2050
Assumption
Assumption + second
$2,620/mo
+$1,152/mo- Down payment
- $42,399
- Funds due
- $54,952
- Interest + MI left
- $346,525
- First ends
- Nov 2050
New loan
New conventional
$3,083/mo
+$1,616/mo- Down payment
- $42,399
- Funds due
- $51,407
- Interest + MI left
- $572,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,601 | $220,601 | $377,601 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,074.31 | $1,074.31 | $2,614.43 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $75.52 |
| Taxes, insurance & HOA | $393.33 | $393.33 | $393.33 |
| Total housing payment | $1,467.65 | $2,619.66 | $3,083.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,399
Closing costs & prepaids$12,553
Usable credit−$0
Total buyer cash needed$54,952
Earnest money paid−$0
Remaining funds due$54,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,103.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$490.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$18.07
Prepaid interest, second (1 days)$34.41
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 yrOf the original 30-year loan at 2.990%
Interest already paid$42,810Through Nov 2026
Assumption only · ends Nov 2050$88,801
Assumption + second · ends Nov 2050, second Dec 2056$346,525
New conventional · ends Dec 2056$572,657