Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,903/mo
Lowest payment- Down payment
- $420,947
- Funds due
- $435,770
- Interest + MI left
- $99,273
- First ends
- Jul 2048
Assumption
Assumption + second
$4,418/mo
+$2,515/mo- Down payment
- $69,947
- Funds due
- $86,468
- Interest + MI left
- $653,531
- First ends
- Jul 2048
New loan
New conventional
$4,833/mo
+$2,930/mo- Down payment
- $69,947
- Funds due
- $82,494
- Interest + MI left
- $919,780
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,053 | $278,053 | $629,053 |
| Second mortgage | — | $351,000 | — |
| First P&I | $1,456.86 | $1,456.86 | $4,261.42 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | — | — | $125.81 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $1,903.11 | $4,417.71 | $4,833.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,947
Closing costs & prepaids$16,520
Usable credit−$0
Total buyer cash needed$86,468
Earnest money paid−$0
Remaining funds due$86,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,390.26
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)$838.75
Prepaid interest, first (6 days)$136.21
Prepaid interest, second (6 days)$447.16
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 closing21 yr 7 moOf the original 27-year loan at 2.98%
Interest already paid$48,747Through Dec 2026
Assumption only · ends Jul 2048$99,273
Assumption + second · ends Jul 2048, second Jan 2057$653,531
New conventional · ends Jan 2057$919,780