Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,231/mo
Lowest payment- Down payment
- $351,235
- Funds due
- $365,767
- Interest + MI left
- $139,250
- First ends
- Jul 2047
Assumption
Assumption + second
$4,287/mo
+$2,056/mo- Down payment
- $64,235
- Funds due
- $80,444
- Interest + MI left
- $592,447
- First ends
- Jul 2047
New loan
New conventional
$4,513/mo
+$2,283/mo- Down payment
- $64,235
- Funds due
- $76,453
- Interest + MI left
- $841,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,765 | $288,765 | $575,765 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,732.85 | $1,732.85 | $3,900.43 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $115.15 |
| Taxes, insurance & HOA | $497.67 | $497.67 | $497.67 |
| Total housing payment | $2,230.52 | $4,286.62 | $4,513.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,235
Closing costs & prepaids$16,208
Usable credit−$0
Total buyer cash needed$80,444
Earnest money paid−$0
Remaining funds due$80,444
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,443.82
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)$768.00
Initial HOA (3 months)$225.00
Prepaid interest, first (7 days)$227.06
Prepaid interest, second (7 days)$426.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 4.1%
Interest already paid$125,956Through Dec 2026
Assumption only · ends Jul 2047$139,250
Assumption + second · ends Jul 2047, second Jan 2057$592,447
New conventional · ends Jan 2057$841,864