Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,752/mo
Lowest payment- Down payment
- $280,799
- Funds due
- $293,422
- Interest + MI left
- $91,388
- First ends
- Dec 2046
Assumption
Assumption + second
$3,386/mo
+$1,633/mo- Down payment
- $52,799
- Funds due
- $66,962
- Interest + MI left
- $451,420
- First ends
- Dec 2046
New loan
New conventional
$3,633/mo
+$1,881/mo- Down payment
- $52,799
- Funds due
- $63,321
- Interest + MI left
- $683,032
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,201 | $239,201 | $467,201 |
| Second mortgage | — | $228,000 | — |
| First P&I | $1,377.45 | $1,377.45 | $3,164.98 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $93.44 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $1,752.12 | $3,385.54 | $3,633.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,799
Closing costs & prepaids$14,163
Usable credit−$0
Total buyer cash needed$66,962
Earnest money paid−$0
Remaining funds due$66,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,196.00
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)$624.00
Prepaid interest, first (6 days)$134.48
Prepaid interest, second (6 days)$290.47
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$94,670Through Dec 2026
Assumption only · ends Dec 2046$91,388
Assumption + second · ends Dec 2046, second Jan 2057$451,420
New conventional · ends Jan 2057$683,032