Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $306,196
- Funds due
- $318,365
- Interest + MI left
- $80,982
- First ends
- Dec 2044
Assumption
Assumption + second
$3,473/mo
+$1,834/mo- Down payment
- $50,196
- Funds due
- $63,941
- Interest + MI left
- $485,227
- First ends
- Dec 2044
New loan
New conventional
$3,504/mo
+$1,865/mo- Down payment
- $50,196
- Funds due
- $60,500
- Interest + MI left
- $657,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,804 | $193,804 | $449,804 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,272.16 | $1,272.16 | $3,047.13 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $89.96 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,638.82 | $3,472.84 | $3,503.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,196
Closing costs & prepaids$13,744
Usable credit−$0
Total buyer cash needed$63,941
Earnest money paid−$0
Remaining funds due$63,941
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$969.02
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)$600.00
Prepaid interest, first (6 days)$131.26
Prepaid interest, second (6 days)$326.14
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 closing18 yrOf the original 30-year loan at 4.12%
Interest already paid$114,347Through Dec 2026
Assumption only · ends Dec 2044$80,982
Assumption + second · ends Dec 2044, second Jan 2057$485,227
New conventional · ends Jan 2057$657,688