Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
Lowest payment- Down payment
- $286,917
- Funds due
- $298,522
- Interest + MI left
- $84,359
- First ends
- Apr 2047
Assumption
Assumption + second
$3,125/mo
+$1,719/mo- Down payment
- $46,917
- Funds due
- $60,078
- Interest + MI left
- $463,340
- First ends
- Apr 2047
New loan
New conventional
$3,232/mo
+$1,826/mo- Down payment
- $46,917
- Funds due
- $56,762
- Interest + MI left
- $603,913
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,083 | $173,083 | $413,083 |
| Second mortgage | — | $240,000 | — |
| First P&I | $1,055.09 | $1,055.09 | $2,798.37 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | — | — | $82.62 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,405.76 | $3,125.15 | $3,231.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,917
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$60,078
Earnest money paid−$0
Remaining funds due$60,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$865.41
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)$552.00
Prepaid interest, first (6 days)$119.21
Prepaid interest, second (6 days)$305.75
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 4 moOf the original 30-year loan at 4.19%
Interest already paid$79,458Through Dec 2026
Assumption only · ends Apr 2047$84,359
Assumption + second · ends Apr 2047, second Jan 2057$463,340
New conventional · ends Jan 2057$603,913