Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,947/mo
Lowest payment- Down payment
- $376,376
- Funds due
- $393,598
- Interest + MI left
- $198,537
- First ends
- Jul 2047
Assumption
Assumption + second
$5,082/mo
+$2,135/mo- Down payment
- $78,376
- Funds due
- $97,291
- Interest + MI left
- $669,105
- First ends
- Jul 2047
New loan
New conventional
$5,388/mo
+$2,441/mo- Down payment
- $78,376
- Funds due
- $92,665
- Interest + MI left
- $1,018,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,624 | $398,624 | $696,624 |
| Second mortgage | — | $298,000 | — |
| First P&I | $2,417.66 | $2,417.66 | $4,719.17 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $139.32 |
| Taxes, insurance & HOA | $529.42 | $529.42 | $529.42 |
| Total housing payment | $2,947.07 | $5,081.98 | $5,387.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,376
Closing costs & prepaids$18,915
Usable credit−$0
Total buyer cash needed$97,291
Earnest money paid−$0
Remaining funds due$97,291
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,993.12
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Initial HOA (3 months)$8.25
Prepaid interest, first (7 days)$322.61
Prepaid interest, second (7 days)$442.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 4.22%
Interest already paid$178,606Through Dec 2026
Assumption only · ends Jul 2047$198,537
Assumption + second · ends Jul 2047, second Jan 2057$669,105
New conventional · ends Jan 2057$1,018,580