Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $277,264
- Funds due
- $289,121
- Interest + MI left
- $52,779
- First ends
- Aug 2046
Assumption
Assumption + second
$3,059/mo
+$1,641/mo- Down payment
- $48,264
- Funds due
- $61,663
- Interest + MI left
- $414,390
- First ends
- Aug 2046
New loan
New conventional
$3,333/mo
+$1,915/mo- Down payment
- $48,264
- Funds due
- $58,280
- Interest + MI left
- $623,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,736 | $197,736 | $426,736 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,061.51 | $1,061.51 | $2,890.86 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $85.35 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,418.17 | $3,058.76 | $3,332.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,264
Closing costs & prepaids$13,400
Usable credit−$0
Total buyer cash needed$61,663
Earnest money paid−$0
Remaining funds due$61,663
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%)$988.68
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)$81.26
Prepaid interest, second (6 days)$291.74
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 closing19 yr 8 moOf the original 30-year loan at 2.5%
Interest already paid$60,710Through Dec 2026
Assumption only · ends Aug 2046$52,779
Assumption + second · ends Aug 2046, second Jan 2057$414,390
New conventional · ends Jan 2057$623,873