Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,350/mo
Lowest payment- Down payment
- $356,494
- Funds due
- $371,495
- Interest + MI left
- $192,691
- First ends
- Oct 2049
Assumption
Assumption + second
$4,414/mo
+$2,063/mo- Down payment
- $68,494
- Funds due
- $85,112
- Interest + MI left
- $647,467
- First ends
- Oct 2049
New loan
New conventional
$4,715/mo
+$2,364/mo- Down payment
- $68,494
- Funds due
- $80,904
- Interest + MI left
- $886,812
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,506 | $318,506 | $606,506 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,865.68 | $1,865.68 | $4,108.68 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $121.30 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,350.35 | $4,413.62 | $4,714.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,494
Closing costs & prepaids$16,618
Usable credit−$0
Total buyer cash needed$85,112
Earnest money paid−$0
Remaining funds due$85,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,592.53
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)$810.00
Initial HOA (3 months)$144.00
Prepaid interest, first (6 days)$236.65
Prepaid interest, second (6 days)$366.90
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 10 moOf the original 30-year loan at 4.52%
Interest already paid$111,603Through Dec 2026
Assumption only · ends Oct 2049$192,691
Assumption + second · ends Oct 2049, second Jan 2057$647,467
New conventional · ends Jan 2057$886,812