Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
Lowest payment- Down payment
- $311,086
- Funds due
- $328,161
- Interest + MI left
- $209,699
- First ends
- Dec 2049
Assumption
Assumption + second
$4,557/mo
+$1,691/mo- Down payment
- $75,086
- Funds due
- $93,712
- Interest + MI left
- $582,363
- First ends
- Dec 2049
New loan
New conventional
$5,224/mo
+$2,357/mo- Down payment
- $75,086
- Funds due
- $88,957
- Interest + MI left
- $986,836
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,914 | $438,914 | $674,914 |
| Second mortgage | — | $236,000 | — |
| First P&I | $2,350.05 | $2,350.05 | $4,572.10 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $134.98 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $2,866.72 | $4,557.45 | $5,223.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,086
Closing costs & prepaids$18,626
Usable credit−$0
Total buyer cash needed$93,712
Earnest money paid−$0
Remaining funds due$93,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,194.57
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Prepaid interest, first (6 days)$262.63
Prepaid interest, second (6 days)$300.66
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 closing23 yrOf the original 30-year loan at 3.64%
Interest already paid$121,967Through Dec 2026
Assumption only · ends Dec 2049$209,699
Assumption + second · ends Dec 2049, second Jan 2057$582,363
New conventional · ends Jan 2057$986,836