Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
Lowest payment- Down payment
- $321,097
- Funds due
- $336,407
- Interest + MI left
- $123,487
- First ends
- Nov 2050
Assumption
Assumption + second
$4,167/mo
+$1,848/mo- Down payment
- $63,097
- Funds due
- $79,766
- Interest + MI left
- $530,890
- First ends
- Nov 2050
New loan
New conventional
$4,852/mo
+$2,533/mo- Down payment
- $63,097
- Funds due
- $75,622
- Interest + MI left
- $858,230
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,903 | $307,903 | $565,903 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,497.88 | $1,497.88 | $3,918.20 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $113.18 |
| Taxes, insurance & HOA | $820.67 | $820.67 | $820.67 |
| Total housing payment | $2,318.55 | $4,166.89 | $4,852.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,097
Closing costs & prepaids$16,669
Usable credit−$0
Total buyer cash needed$79,766
Earnest money paid−$0
Remaining funds due$79,766
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,539.52
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)$483.00
Initial HOA (3 months)$1,479.00
Prepaid interest, first (2 days)$50.28
Prepaid interest, second (2 days)$109.56
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$59,558Through Nov 2026
Assumption only · ends Nov 2050$123,487
Assumption + second · ends Nov 2050, second Dec 2056$530,890
New conventional · ends Dec 2056$858,230