Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,434/mo
Lowest payment- Down payment
- $257,798
- Funds due
- $268,976
- Interest + MI left
- $84,976
- First ends
- Jan 2047
Assumption
Assumption + second
$2,960/mo
+$1,526/mo- Down payment
- $44,798
- Funds due
- $57,497
- Interest + MI left
- $421,321
- First ends
- Jan 2047
New loan
New conventional
$3,082/mo
+$1,647/mo- Down payment
- $44,798
- Funds due
- $54,168
- Interest + MI left
- $577,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,102 | $182,102 | $395,102 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,108.21 | $1,108.21 | $2,676.56 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $79.02 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $1,434.21 | $2,960.17 | $3,081.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,798
Closing costs & prepaids$12,699
Usable credit−$0
Total buyer cash needed$57,497
Earnest money paid−$0
Remaining funds due$57,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$910.51
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Prepaid interest, first (6 days)$122.13
Prepaid interest, second (6 days)$271.36
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 1 moOf the original 30-year loan at 4.08%
Interest already paid$84,078Through Dec 2026
Assumption only · ends Jan 2047$84,976
Assumption + second · ends Jan 2047, second Jan 2057$421,321
New conventional · ends Jan 2057$577,625