Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,997/mo
Lowest payment- Down payment
- $339,463
- Funds due
- $353,483
- Interest + MI left
- $140,472
- First ends
- Oct 2049
Assumption
Assumption + second
$3,975/mo
+$1,977/mo- Down payment
- $63,463
- Funds due
- $78,791
- Interest + MI left
- $576,299
- First ends
- Oct 2049
New loan
New conventional
$4,448/mo
+$2,451/mo- Down payment
- $63,463
- Funds due
- $74,712
- Interest + MI left
- $851,496
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,537 | $285,537 | $561,537 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,549.12 | $1,549.12 | $3,887.97 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | — | — | $112.31 |
| Taxes, insurance & HOA | $448.16 | $448.16 | $448.16 |
| Total housing payment | $1,997.28 | $3,974.58 | $4,448.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,463
Closing costs & prepaids$15,328
Usable credit−$0
Total buyer cash needed$78,791
Earnest money paid−$0
Remaining funds due$78,791
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%)$1,427.68
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)$471.50
Initial HOA (3 months)$372.99
Prepaid interest, first (1 days)$29.34
Prepaid interest, second (1 days)$58.60
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 closing22 yr 11 moOf the original 30-year loan at 3.750%
Interest already paid$82,712Through Nov 2026
Assumption only · ends Oct 2049$140,472
Assumption + second · ends Oct 2049, second Dec 2056$576,299
New conventional · ends Dec 2056$851,496