Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,444/mo
Lowest payment- Down payment
- $325,980
- Funds due
- $338,022
- Interest + MI left
- $66,253
- First ends
- Jul 2045
Assumption
Assumption + second
$3,414/mo
+$1,970/mo- Down payment
- $50,980
- Funds due
- $64,622
- Interest + MI left
- $500,501
- First ends
- Jul 2045
New loan
New conventional
$3,498/mo
+$2,054/mo- Down payment
- $50,980
- Funds due
- $61,274
- Interest + MI left
- $656,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,920 | $173,920 | $448,920 |
| Second mortgage | — | $275,000 | — |
| First P&I | $1,077.01 | $1,077.01 | $3,041.14 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | — | — | $89.78 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,443.67 | $3,413.81 | $3,497.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,980
Closing costs & prepaids$13,642
Usable credit−$0
Total buyer cash needed$64,622
Earnest money paid−$0
Remaining funds due$64,622
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$869.60
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)$104.92
Prepaid interest, second (6 days)$350.34
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 closing18 yr 7 moOf the original 30-year loan at 3.67%
Interest already paid$86,617Through Dec 2026
Assumption only · ends Jul 2045$66,253
Assumption + second · ends Jul 2045, second Jan 2057$500,501
New conventional · ends Jan 2057$656,306