Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $311,370
- Funds due
- $324,248
- Interest + MI left
- $90,226
- First ends
- Dec 2044
Assumption
Assumption + second
$3,737/mo
+$1,848/mo- Down payment
- $53,370
- Funds due
- $67,826
- Interest + MI left
- $497,630
- First ends
- Dec 2044
New loan
New conventional
$3,771/mo
+$1,883/mo- Down payment
- $53,370
- Funds due
- $64,263
- Interest + MI left
- $689,507
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,630 | $213,630 | $471,630 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,406.74 | $1,406.74 | $3,194.99 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $94.33 |
| Taxes, insurance & HOA | $481.67 | $481.67 | $481.67 |
| Total housing payment | $1,888.41 | $3,736.75 | $3,770.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,370
Closing costs & prepaids$14,456
Usable credit−$0
Total buyer cash needed$67,826
Earnest money paid−$0
Remaining funds due$67,826
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,068.15
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)$630.00
Initial HOA (3 months)$315.00
Prepaid interest, first (6 days)$146.09
Prepaid interest, second (6 days)$328.68
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 4.16%
Interest already paid$127,155Through Dec 2026
Assumption only · ends Dec 2044$90,226
Assumption + second · ends Dec 2044, second Jan 2057$497,630
New conventional · ends Jan 2057$689,507