Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,283/mo
Lowest payment- Down payment
- $188,599
- Funds due
- $201,460
- Interest + MI left
- $361,346
- First ends
- Dec 2055
Assumption
Assumption + second
$3,303/mo
+$1,020/mo- Down payment
- $49,599
- Funds due
- $63,893
- Interest + MI left
- $589,522
- First ends
- Dec 2055
New loan
New conventional
$3,471/mo
+$1,188/mo- Down payment
- $49,599
- Funds due
- $59,848
- Interest + MI left
- $651,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,401 | $306,401 | $445,401 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,918.82 | $1,918.82 | $3,017.30 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $89.08 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $2,283.48 | $3,303.42 | $3,471.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,599
Closing costs & prepaids$14,294
Usable credit−$0
Total buyer cash needed$63,893
Earnest money paid−$0
Remaining funds due$63,893
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,532.01
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)$594.00
Prepaid interest, first (6 days)$317.31
Prepaid interest, second (6 days)$182.79
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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$19,427Through Dec 2026
Assumption only · ends Dec 2055$361,346
Assumption + second · ends Dec 2055, second Jan 2057$589,522
New conventional · ends Jan 2057$651,250