Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,650/mo
Lowest payment- Down payment
- $290,330
- Funds due
- $302,339
- Interest + MI left
- $83,753
- First ends
- Dec 2044
Assumption
Assumption + second
$3,376/mo
+$1,727/mo- Down payment
- $49,330
- Funds due
- $62,896
- Interest + MI left
- $464,312
- First ends
- Dec 2044
New loan
New conventional
$3,399/mo
+$1,750/mo- Down payment
- $49,330
- Funds due
- $59,458
- Interest + MI left
- $636,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,670 | $194,670 | $435,670 |
| Second mortgage | — | $241,000 | — |
| First P&I | $1,288.99 | $1,288.99 | $2,951.38 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | — | — | $87.13 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,649.66 | $3,376.21 | $3,399.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,330
Closing costs & prepaids$13,566
Usable credit−$0
Total buyer cash needed$62,896
Earnest money paid−$0
Remaining funds due$62,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$973.35
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)$582.00
Prepaid interest, first (6 days)$135.36
Prepaid interest, second (6 days)$307.03
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 yrOf the original 30-year loan at 4.23%
Interest already paid$117,638Through Dec 2026
Assumption only · ends Dec 2044$83,753
Assumption + second · ends Dec 2044, second Jan 2057$464,312
New conventional · ends Jan 2057$636,934