Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
Lowest payment- Down payment
- $198,211
- Funds due
- $211,552
- Interest + MI left
- $159,874
- First ends
- Jun 2047
Assumption
Assumption + second
$3,464/mo
+$1,064/mo- Down payment
- $53,211
- Funds due
- $67,992
- Interest + MI left
- $397,900
- First ends
- Jun 2047
New loan
New conventional
$3,712/mo
+$1,312/mo- Down payment
- $53,211
- Funds due
- $63,926
- Interest + MI left
- $689,834
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,789 | $326,789 | $471,789 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,978.31 | $1,978.31 | $3,196.06 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $94.36 |
| Taxes, insurance & HOA | $421.67 | $421.67 | $421.67 |
| Total housing payment | $2,399.97 | $3,463.93 | $3,712.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,211
Closing costs & prepaids$14,782
Usable credit−$0
Total buyer cash needed$67,992
Earnest money paid−$0
Remaining funds due$67,992
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%)$1,633.95
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)$135.00
Prepaid interest, first (6 days)$224.01
Prepaid interest, second (6 days)$190.68
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 closing20 yr 6 moOf the original 30-year loan at 4.17%
Interest already paid$146,316Through Dec 2026
Assumption only · ends Jun 2047$159,874
Assumption + second · ends Jun 2047, second Jan 2057$397,900
New conventional · ends Jan 2057$689,834