Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,454/mo
Lowest payment- Down payment
- $432,915
- Funds due
- $449,753
- Interest + MI left
- $182,257
- First ends
- Aug 2049
Assumption
Assumption + second
$4,998/mo
+$2,543/mo- Down payment
- $77,915
- Funds due
- $96,455
- Interest + MI left
- $742,832
- First ends
- Aug 2049
New loan
New conventional
$5,388/mo
+$2,934/mo- Down payment
- $77,915
- Funds due
- $92,064
- Interest + MI left
- $1,019,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,085 | $342,085 | $697,085 |
| Second mortgage | — | $355,000 | — |
| First P&I | $1,927.73 | $1,927.73 | $4,722.30 |
| Second P&I | — | $2,543.26 | — |
| Mortgage insurance | — | — | $139.42 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $2,454.39 | $4,997.66 | $5,388.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,915
Closing costs & prepaids$18,540
Usable credit−$0
Total buyer cash needed$96,455
Earnest money paid−$0
Remaining funds due$96,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,710.42
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Prepaid interest, first (6 days)$228.87
Prepaid interest, second (6 days)$452.26
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 closing22 yr 8 moOf the original 30-year loan at 4.07%
Interest already paid$111,333Through Dec 2026
Assumption only · ends Aug 2049$182,257
Assumption + second · ends Aug 2049, second Jan 2057$742,832
New conventional · ends Jan 2057$1,019,254