Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $216,576
- Funds due
- $228,884
- Interest + MI left
- $94,912
- First ends
- Dec 2046
Assumption
Assumption + second
$3,114/mo
+$1,247/mo- Down payment
- $46,576
- Funds due
- $60,357
- Interest + MI left
- $373,976
- First ends
- Dec 2046
New loan
New conventional
$3,354/mo
+$1,488/mo- Down payment
- $46,576
- Funds due
- $56,737
- Interest + MI left
- $611,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,424 | $248,424 | $418,424 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,430.57 | $1,430.57 | $2,834.55 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $83.68 |
| Taxes, insurance & HOA | $436.00 | $436.00 | $436.00 |
| Total housing payment | $1,866.57 | $3,113.97 | $3,354.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,576
Closing costs & prepaids$13,781
Usable credit−$0
Total buyer cash needed$60,357
Earnest money paid−$0
Remaining funds due$60,357
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,242.12
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)$558.00
Initial HOA (3 months)$249.99
Prepaid interest, first (6 days)$139.66
Prepaid interest, second (6 days)$223.56
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 yrOf the original 30-year loan at 3.42%
Interest already paid$98,321Through Dec 2026
Assumption only · ends Dec 2046$94,912
Assumption + second · ends Dec 2046, second Jan 2057$373,976
New conventional · ends Jan 2057$611,805