Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,071/mo
Lowest payment- Down payment
- $350,222
- Funds due
- $364,610
- Interest + MI left
- $94,897
- First ends
- Dec 2046
Assumption
Assumption + second
$4,113/mo
+$2,042/mo- Down payment
- $65,222
- Funds due
- $81,223
- Interest + MI left
- $544,936
- First ends
- Dec 2046
New loan
New conventional
$4,504/mo
+$2,434/mo- Down payment
- $65,222
- Funds due
- $77,214
- Interest + MI left
- $854,896
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,678 | $299,678 | $584,678 |
| Second mortgage | — | $285,000 | — |
| First P&I | $1,644.06 | $1,644.06 | $3,960.81 |
| Second P&I | — | $2,041.77 | — |
| Mortgage insurance | — | — | $116.94 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,070.73 | $4,112.50 | $4,504.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,222
Closing costs & prepaids$16,000
Usable credit−$0
Total buyer cash needed$81,223
Earnest money paid−$0
Remaining funds due$81,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,498.39
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)$780.00
Prepaid interest, first (6 days)$141.87
Prepaid interest, second (6 days)$363.08
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 25-year loan at 2.88%
Interest already paid$47,021Through Dec 2026
Assumption only · ends Dec 2046$94,897
Assumption + second · ends Dec 2046, second Jan 2057$544,936
New conventional · ends Jan 2057$854,896