Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,308/mo
Lowest payment- Down payment
- $348,692
- Funds due
- $360,614
- Interest + MI left
- $63,334
- First ends
- Dec 2045
Assumption
Assumption + second
$3,443/mo
+$2,135/mo- Down payment
- $50,692
- Funds due
- $64,244
- Interest + MI left
- $533,901
- First ends
- Dec 2045
New loan
New conventional
$3,500/mo
+$2,192/mo- Down payment
- $50,692
- Funds due
- $60,990
- Interest + MI left
- $656,963
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,308 | $151,308 | $449,308 |
| Second mortgage | — | $298,000 | — |
| First P&I | $941.41 | $941.41 | $3,043.77 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $89.86 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,308.08 | $3,442.99 | $3,500.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,692
Closing costs & prepaids$13,551
Usable credit−$0
Total buyer cash needed$64,244
Earnest money paid−$0
Remaining funds due$64,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$756.54
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)$600.00
Prepaid interest, first (6 days)$97.25
Prepaid interest, second (6 days)$379.64
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 yrOf the original 30-year loan at 3.91%
Interest already paid$76,224Through Dec 2026
Assumption only · ends Dec 2045$63,334
Assumption + second · ends Dec 2045, second Jan 2057$533,901
New conventional · ends Jan 2057$656,963