Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $236,371
- Funds due
- $248,515
- Interest + MI left
- $116,744
- First ends
- Jun 2047
Assumption
Assumption + second
$3,181/mo
+$1,379/mo- Down payment
- $48,371
- Funds due
- $62,013
- Interest + MI left
- $425,356
- First ends
- Jun 2047
New loan
New conventional
$3,332/mo
+$1,531/mo- Down payment
- $48,371
- Funds due
- $58,386
- Interest + MI left
- $623,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,629 | $238,629 | $426,629 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,444.61 | $1,444.61 | $2,890.13 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $85.33 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,801.27 | $3,180.75 | $3,332.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,371
Closing costs & prepaids$13,642
Usable credit−$0
Total buyer cash needed$62,013
Earnest money paid−$0
Remaining funds due$62,013
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.15
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)$570.00
Prepaid interest, first (6 days)$163.58
Prepaid interest, second (6 days)$247.23
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 closing20 yr 6 moOf the original 30-year loan at 4.17%
Interest already paid$106,844Through Dec 2026
Assumption only · ends Jun 2047$116,744
Assumption + second · ends Jun 2047, second Jan 2057$425,356
New conventional · ends Jan 2057$623,717