Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $325,468
- Funds due
- $339,846
- Interest + MI left
- $89,291
- First ends
- Dec 2045
Assumption
Assumption + second
$4,200/mo
+$1,941/mo- Down payment
- $54,468
- Funds due
- $70,499
- Interest + MI left
- $517,222
- First ends
- Dec 2045
New loan
New conventional
$4,312/mo
+$2,054/mo- Down payment
- $54,468
- Funds due
- $66,944
- Interest + MI left
- $709,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,532 | $214,532 | $485,532 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,332.55 | $1,332.55 | $3,289.16 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $97.11 |
| Taxes, insurance & HOA | $925.67 | $925.67 | $925.67 |
| Total housing payment | $2,258.22 | $4,199.70 | $4,311.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,468
Closing costs & prepaids$16,030
Usable credit−$0
Total buyer cash needed$70,499
Earnest money paid−$0
Remaining funds due$70,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,072.66
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)$648.00
Initial HOA (3 months)$1,629.00
Prepaid interest, first (7 days)$160.05
Prepaid interest, second (7 days)$402.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 yrOf the original 30-year loan at 3.89%
Interest already paid$107,566Through Dec 2026
Assumption only · ends Dec 2045$89,291
Assumption + second · ends Dec 2045, second Jan 2057$517,222
New conventional · ends Jan 2057$709,928