Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,817/mo
Lowest payment- Down payment
- $352,735
- Funds due
- $365,756
- Interest + MI left
- $40,251
- First ends
- Jan 2042
Assumption
Assumption + second
$3,931/mo
+$2,113/mo- Down payment
- $57,735
- Funds due
- $72,382
- Interest + MI left
- $506,081
- First ends
- Jan 2042
New loan
New conventional
$3,967/mo
+$2,150/mo- Down payment
- $57,735
- Funds due
- $68,821
- Interest + MI left
- $749,016
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,265 | $217,265 | $512,265 |
| Second mortgage | — | $295,000 | — |
| First P&I | $1,422.74 | $1,422.74 | $3,470.26 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | — | — | $102.45 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $1,817.40 | $3,930.82 | $3,967.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,735
Closing costs & prepaids$14,647
Usable credit−$0
Total buyer cash needed$72,382
Earnest money paid−$0
Remaining funds due$72,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,086.32
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)$684.00
Prepaid interest, first (6 days)$82.50
Prepaid interest, second (6 days)$375.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing15 yr 1 moOf the original 20-year loan at 2.31%
Interest already paid$27,968Through Dec 2026
Assumption only · ends Jan 2042$40,251
Assumption + second · ends Jan 2042, second Jan 2057$506,081
New conventional · ends Jan 2057$749,016