Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,490/mo
Lowest payment- Down payment
- $252,458
- Funds due
- $264,606
- Interest + MI left
- $94,883
- First ends
- Nov 2050
Assumption
Assumption + second
$2,937/mo
+$1,447/mo- Down payment
- $50,458
- Funds due
- $63,942
- Interest + MI left
- $413,858
- First ends
- Nov 2050
New loan
New conventional
$3,504/mo
+$2,013/mo- Down payment
- $50,458
- Funds due
- $60,214
- Interest + MI left
- $681,759
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,541 | $247,541 | $449,541 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,188.97 | $1,188.97 | $3,112.53 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $89.91 |
| Taxes, insurance & HOA | $301.17 | $301.17 | $301.17 |
| Total housing payment | $1,490.14 | $2,937.29 | $3,503.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,458
Closing costs & prepaids$13,484
Usable credit−$0
Total buyer cash needed$63,942
Earnest money paid−$0
Remaining funds due$63,942
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.70
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)$403.50
Prepaid interest, first (2 days)$38.79
Prepaid interest, second (2 days)$85.78
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 2.860%
Interest already paid$46,019Through Nov 2026
Assumption only · ends Nov 2050$94,883
Assumption + second · ends Nov 2050, second Dec 2056$413,858
New conventional · ends Dec 2056$681,759