Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,436/mo
Lowest payment- Down payment
- $286,153
- Funds due
- $300,539
- Interest + MI left
- $159,842
- First ends
- Jul 2047
Assumption
Assumption + second
$4,033/mo
+$1,598/mo- Down payment
- $63,153
- Funds due
- $79,073
- Interest + MI left
- $511,977
- First ends
- Jul 2047
New loan
New conventional
$4,335/mo
+$1,900/mo- Down payment
- $63,153
- Funds due
- $74,860
- Interest + MI left
- $821,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,847 | $338,847 | $561,847 |
| Second mortgage | — | $223,000 | — |
| First P&I | $2,018.98 | $2,018.98 | $3,806.15 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $112.37 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,435.65 | $4,033.25 | $4,335.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,153
Closing costs & prepaids$15,920
Usable credit−$0
Total buyer cash needed$79,073
Earnest money paid−$0
Remaining funds due$79,073
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%)$1,694.23
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)$223.92
Prepaid interest, second (6 days)$284.10
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 7 moOf the original 30-year loan at 4.02%
Interest already paid$145,113Through Dec 2026
Assumption only · ends Jul 2047$159,842
Assumption + second · ends Jul 2047, second Jan 2057$511,977
New conventional · ends Jan 2057$821,513