Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $344,122
- Funds due
- $357,241
- Interest + MI left
- $110,622
- First ends
- Oct 2049
Assumption
Assumption + second
$3,679/mo
+$2,056/mo- Down payment
- $57,122
- Funds due
- $71,856
- Interest + MI left
- $563,819
- First ends
- Oct 2049
New loan
New conventional
$3,971/mo
+$2,349/mo- Down payment
- $57,122
- Funds due
- $68,214
- Interest + MI left
- $749,766
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,778 | $225,778 | $512,778 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,227.74 | $1,227.74 | $3,473.74 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $102.56 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $1,622.40 | $3,678.51 | $3,970.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,122
Closing costs & prepaids$14,735
Usable credit−$0
Total buyer cash needed$71,856
Earnest money paid−$0
Remaining funds due$71,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,128.89
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)$684.00
Prepaid interest, first (6 days)$139.18
Prepaid interest, second (6 days)$365.63
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 3.75%
Interest already paid$66,260Through Dec 2026
Assumption only · ends Oct 2049$110,622
Assumption + second · ends Oct 2049, second Jan 2057$563,819
New conventional · ends Jan 2057$749,766