Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $317,915
- Funds due
- $331,441
- Interest + MI left
- $123,288
- First ends
- Nov 2047
Assumption
Assumption + second
$3,811/mo
+$1,856/mo- Down payment
- $58,915
- Funds due
- $74,021
- Interest + MI left
- $532,271
- First ends
- Nov 2047
New loan
New conventional
$4,070/mo
+$2,114/mo- Down payment
- $58,915
- Funds due
- $70,174
- Interest + MI left
- $769,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,085 | $267,085 | $526,085 |
| Second mortgage | — | $259,000 | — |
| First P&I | $1,555.27 | $1,555.27 | $3,563.88 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $105.22 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,955.94 | $3,811.45 | $4,069.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,915
Closing costs & prepaids$15,106
Usable credit−$0
Total buyer cash needed$74,021
Earnest money paid−$0
Remaining funds due$74,021
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,335.42
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)$702.00
Prepaid interest, first (6 days)$170.35
Prepaid interest, second (6 days)$329.96
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 11 moOf the original 30-year loan at 3.88%
Interest already paid$106,069Through Dec 2026
Assumption only · ends Nov 2047$123,288
Assumption + second · ends Nov 2047, second Jan 2057$532,271
New conventional · ends Jan 2057$769,223