Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,623/mo
Lowest payment- Down payment
- $255,502
- Funds due
- $270,720
- Interest + MI left
- $183,065
- First ends
- Nov 2049
Assumption
Assumption + second
$4,024/mo
+$1,401/mo- Down payment
- $64,502
- Funds due
- $81,221
- Interest + MI left
- $496,602
- First ends
- Nov 2049
New loan
New conventional
$4,589/mo
+$1,967/mo- Down payment
- $64,502
- Funds due
- $76,789
- Interest + MI left
- $848,784
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,498 | $389,498 | $580,498 |
| Second mortgage | — | $191,000 | — |
| First P&I | $2,082.05 | $2,082.05 | $3,932.50 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $116.10 |
| Taxes, insurance & HOA | $540.67 | $540.67 | $540.67 |
| Total housing payment | $2,622.72 | $4,024.21 | $4,589.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,502
Closing costs & prepaids$16,719
Usable credit−$0
Total buyer cash needed$81,221
Earnest money paid−$0
Remaining funds due$81,221
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,947.49
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)$774.00
Initial HOA (3 months)$348.00
Prepaid interest, first (6 days)$230.50
Prepaid interest, second (6 days)$251.18
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 11 moOf the original 30-year loan at 3.6%
Interest already paid$108,522Through Dec 2026
Assumption only · ends Nov 2049$183,065
Assumption + second · ends Nov 2049, second Jan 2057$496,602
New conventional · ends Jan 2057$848,784