Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,438/mo
Lowest payment- Down payment
- $279,328
- Funds due
- $290,884
- Interest + MI left
- $74,876
- First ends
- Feb 2046
Assumption
Assumption + second
$3,107/mo
+$1,669/mo- Down payment
- $46,328
- Funds due
- $59,431
- Interest + MI left
- $442,803
- First ends
- Feb 2046
New loan
New conventional
$3,199/mo
+$1,761/mo- Down payment
- $46,328
- Funds due
- $56,118
- Interest + MI left
- $597,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,672 | $175,672 | $408,672 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,089.34 | $1,089.34 | $2,768.49 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $81.73 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $1,438.01 | $3,107.25 | $3,198.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,328
Closing costs & prepaids$13,103
Usable credit−$0
Total buyer cash needed$59,431
Earnest money paid−$0
Remaining funds due$59,431
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$878.36
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)$546.00
Prepaid interest, first (6 days)$113.78
Prepaid interest, second (6 days)$296.84
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 2 moOf the original 30-year loan at 3.94%
Interest already paid$87,450Through Dec 2026
Assumption only · ends Feb 2046$74,876
Assumption + second · ends Feb 2046, second Jan 2057$442,803
New conventional · ends Jan 2057$597,464