Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,618/mo
Lowest payment- Down payment
- $211,191
- Funds due
- $223,312
- Interest + MI left
- $106,868
- First ends
- Nov 2050
Assumption
Assumption + second
$2,807/mo
+$1,189/mo- Down payment
- $49,191
- Funds due
- $62,597
- Interest + MI left
- $372,800
- First ends
- Nov 2050
New loan
New conventional
$3,419/mo
+$1,801/mo- Down payment
- $49,191
- Funds due
- $58,700
- Interest + MI left
- $668,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,809 | $278,809 | $440,809 |
| Second mortgage | — | $162,000 | — |
| First P&I | $1,339.16 | $1,339.16 | $3,052.07 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $88.16 |
| Taxes, insurance & HOA | $279.00 | $279.00 | $279.00 |
| Total housing payment | $1,618.16 | $2,806.86 | $3,419.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,191
Closing costs & prepaids$13,406
Usable credit−$0
Total buyer cash needed$62,597
Earnest money paid−$0
Remaining funds due$62,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,394.05
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)$337.00
Prepaid interest, first (1 days)$21.85
Prepaid interest, second (1 days)$35.51
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 2.860%
Interest already paid$51,832Through Nov 2026
Assumption only · ends Nov 2050$106,868
Assumption + second · ends Nov 2050, second Dec 2056$372,800
New conventional · ends Dec 2056$668,517