Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,387/mo
Lowest payment- Down payment
- $313,443
- Funds due
- $328,419
- Interest + MI left
- $176,537
- First ends
- Sep 2049
Assumption
Assumption + second
$4,149/mo
+$1,762/mo- Down payment
- $67,443
- Funds due
- $83,982
- Interest + MI left
- $564,992
- First ends
- Sep 2049
New loan
New conventional
$4,636/mo
+$2,249/mo- Down payment
- $67,443
- Funds due
- $79,658
- Interest + MI left
- $880,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,457 | $356,457 | $602,457 |
| Second mortgage | — | $246,000 | — |
| First P&I | $1,952.36 | $1,952.36 | $4,081.25 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $120.49 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $2,387.03 | $4,149.40 | $4,636.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,443
Closing costs & prepaids$16,539
Usable credit−$0
Total buyer cash needed$83,982
Earnest money paid−$0
Remaining funds due$83,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,782.29
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)$804.00
Prepaid interest, first (6 days)$222.66
Prepaid interest, second (6 days)$313.40
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 closing22 yr 9 moOf the original 30-year loan at 3.8%
Interest already paid$107,313Through Dec 2026
Assumption only · ends Sep 2049$176,537
Assumption + second · ends Sep 2049, second Jan 2057$564,992
New conventional · ends Jan 2057$880,892