Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $334,933
- Funds due
- $346,724
- Interest + MI left
- $61,288
- First ends
- Jun 2046
Assumption
Assumption + second
$3,327/mo
+$2,049/mo- Down payment
- $48,933
- Funds due
- $62,339
- Interest + MI left
- $512,906
- First ends
- Jun 2046
New loan
New conventional
$3,424/mo
+$2,146/mo- Down payment
- $48,933
- Funds due
- $59,102
- Interest + MI left
- $641,989
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,067 | $153,067 | $439,067 |
| Second mortgage | — | $286,000 | — |
| First P&I | $916.05 | $916.05 | $2,974.39 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $87.81 |
| Taxes, insurance & HOA | $361.83 | $361.83 | $361.83 |
| Total housing payment | $1,277.88 | $3,326.82 | $3,424.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,933
Closing costs & prepaids$13,405
Usable credit−$0
Total buyer cash needed$62,339
Earnest money paid−$0
Remaining funds due$62,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$765.33
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)$585.50
Prepaid interest, first (6 days)$92.09
Prepaid interest, second (6 days)$364.36
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 6 moOf the original 30-year loan at 3.66%
Interest already paid$68,489Through Dec 2026
Assumption only · ends Jun 2046$61,288
Assumption + second · ends Jun 2046, second Jan 2057$512,906
New conventional · ends Jan 2057$641,989