Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $278,785
- Funds due
- $292,838
- Interest + MI left
- $131,734
- First ends
- Aug 2045
Assumption
Assumption + second
$4,021/mo
+$1,569/mo- Down payment
- $59,785
- Funds due
- $75,367
- Interest + MI left
- $477,553
- First ends
- Aug 2045
New loan
New conventional
$4,172/mo
+$1,720/mo- Down payment
- $59,785
- Funds due
- $71,311
- Interest + MI left
- $775,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,215 | $311,215 | $530,215 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,977.45 | $1,977.45 | $3,591.86 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $106.04 |
| Taxes, insurance & HOA | $474.34 | $474.34 | $474.34 |
| Total housing payment | $2,451.78 | $4,020.73 | $4,172.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,785
Closing costs & prepaids$15,582
Usable credit−$0
Total buyer cash needed$75,367
Earnest money paid−$0
Remaining funds due$75,367
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,556.07
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)$708.00
Initial HOA (3 months)$215.01
Prepaid interest, first (6 days)$205.66
Prepaid interest, second (6 days)$279.00
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 yr 8 moOf the original 30-year loan at 4.02%
Interest already paid$166,948Through Dec 2026
Assumption only · ends Aug 2045$131,734
Assumption + second · ends Aug 2045, second Jan 2057$477,553
New conventional · ends Jan 2057$775,262