Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $315,391
- Funds due
- $327,487
- Interest + MI left
- $71,994
- First ends
- Jan 2047
Assumption
Assumption + second
$3,330/mo
+$1,898/mo- Down payment
- $50,391
- Funds due
- $64,075
- Interest + MI left
- $490,451
- First ends
- Jan 2047
New loan
New conventional
$3,502/mo
+$2,071/mo- Down payment
- $50,391
- Funds due
- $60,693
- Interest + MI left
- $657,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,609 | $184,609 | $449,609 |
| Second mortgage | — | $265,000 | — |
| First P&I | $1,064.74 | $1,064.74 | $3,045.81 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $89.92 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,431.41 | $3,329.90 | $3,502.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,391
Closing costs & prepaids$13,684
Usable credit−$0
Total buyer cash needed$64,075
Earnest money paid−$0
Remaining funds due$64,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$923.05
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)$600.00
Prepaid interest, first (6 days)$105.30
Prepaid interest, second (6 days)$337.60
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 yr 1 moOf the original 30-year loan at 3.47%
Interest already paid$73,314Through Dec 2026
Assumption only · ends Jan 2047$71,994
Assumption + second · ends Jan 2047, second Jan 2057$490,451
New conventional · ends Jan 2057$657,403