Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,384/mo
Lowest payment- Down payment
- $316,058
- Funds due
- $327,769
- Interest + MI left
- $70,656
- First ends
- Dec 2045
Assumption
Assumption + second
$3,297/mo
+$1,913/mo- Down payment
- $49,058
- Funds due
- $62,132
- Interest + MI left
- $492,271
- First ends
- Dec 2045
New loan
New conventional
$3,443/mo
+$2,059/mo- Down payment
- $49,058
- Funds due
- $58,782
- Interest + MI left
- $661,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,942 | $168,942 | $435,942 |
| Second mortgage | — | $267,000 | — |
| First P&I | $1,046.28 | $1,046.28 | $3,018.37 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | — | — | $87.19 |
| Taxes, insurance & HOA | $337.50 | $337.50 | $337.50 |
| Total housing payment | $1,383.78 | $3,296.60 | $3,443.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,058
Closing costs & prepaids$13,075
Usable credit−$0
Total buyer cash needed$62,132
Earnest money paid−$0
Remaining funds due$62,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$844.71
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)$512.50
Prepaid interest, first (2 days)$36.01
Prepaid interest, second (2 days)$113.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing19 yr 1 moOf the original 30-year loan at 3.890%
Interest already paid$83,910Through Nov 2026
Assumption only · ends Dec 2045$70,656
Assumption + second · ends Dec 2045, second Dec 2056$492,271
New conventional · ends Dec 2056$661,048