Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $334,582
- Funds due
- $347,598
- Interest + MI left
- $135,582
- First ends
- Jul 2049
Assumption
Assumption + second
$3,723/mo
+$1,984/mo- Down payment
- $57,582
- Funds due
- $71,907
- Interest + MI left
- $572,988
- First ends
- Jul 2049
New loan
New conventional
$4,042/mo
+$2,304/mo- Down payment
- $57,582
- Funds due
- $68,104
- Interest + MI left
- $784,699
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,418 | $240,418 | $517,418 |
| Second mortgage | — | $277,000 | — |
| First P&I | $1,382.35 | $1,382.35 | $3,582.50 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | — | — | $103.48 |
| Taxes, insurance & HOA | $356.08 | $356.08 | $356.08 |
| Total housing payment | $1,738.44 | $3,722.90 | $4,042.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,582
Closing costs & prepaids$14,325
Usable credit−$0
Total buyer cash needed$71,907
Earnest money paid−$0
Remaining funds due$71,907
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,202.09
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)$568.25
Prepaid interest, first (1 days)$28.19
Prepaid interest, second (1 days)$58.82
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 8 moOf the original 30-year loan at 4.280%
Interest already paid$82,065Through Nov 2026
Assumption only · ends Jul 2049$135,582
Assumption + second · ends Jul 2049, second Dec 2056$572,988
New conventional · ends Dec 2056$784,699