Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,178/mo
Lowest payment- Down payment
- $341,443
- Funds due
- $355,510
- Interest + MI left
- $118,020
- First ends
- Dec 2045
Assumption
Assumption + second
$4,170/mo
+$1,992/mo- Down payment
- $63,443
- Funds due
- $79,114
- Interest + MI left
- $557,005
- First ends
- Dec 2045
New loan
New conventional
$4,333/mo
+$2,155/mo- Down payment
- $63,443
- Funds due
- $75,146
- Interest + MI left
- $820,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,557 | $283,557 | $561,557 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,761.30 | $1,761.30 | $3,804.18 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $112.31 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,177.97 | $4,169.60 | $4,333.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,443
Closing costs & prepaids$15,671
Usable credit−$0
Total buyer cash needed$79,114
Earnest money paid−$0
Remaining funds due$79,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,417.79
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)$750.00
Prepaid interest, first (6 days)$181.32
Prepaid interest, second (6 days)$354.16
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 closing19 yrOf the original 30-year loan at 3.89%
Interest already paid$142,175Through Dec 2026
Assumption only · ends Dec 2045$118,020
Assumption + second · ends Dec 2045, second Jan 2057$557,005
New conventional · ends Jan 2057$820,977