Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,890/mo
Lowest payment- Down payment
- $289,359
- Funds due
- $302,223
- Interest + MI left
- $112,374
- First ends
- Feb 2047
Assumption
Assumption + second
$3,567/mo
+$1,676/mo- Down payment
- $55,359
- Funds due
- $69,523
- Interest + MI left
- $481,880
- First ends
- Feb 2047
New loan
New conventional
$3,879/mo
+$1,988/mo- Down payment
- $55,359
- Funds due
- $65,647
- Interest + MI left
- $750,005
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,541 | $260,541 | $494,541 |
| Second mortgage | — | $234,000 | — |
| First P&I | $1,534.63 | $1,534.63 | $3,424.10 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | — | — | $98.91 |
| Taxes, insurance & HOA | $355.75 | $355.75 | $355.75 |
| Total housing payment | $1,890.38 | $3,566.78 | $3,878.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,359
Closing costs & prepaids$14,164
Usable credit−$0
Total buyer cash needed$69,523
Earnest money paid−$0
Remaining funds due$69,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,302.70
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)$567.25
Prepaid interest, first (1 days)$26.91
Prepaid interest, second (1 days)$49.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 3.770%
Interest already paid$109,532Through Nov 2026
Assumption only · ends Feb 2047$112,374
Assumption + second · ends Feb 2047, second Dec 2056$481,880
New conventional · ends Dec 2056$750,005