Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,023/mo
Lowest payment- Down payment
- $428,648
- Funds due
- $444,368
- Interest + MI left
- $146,490
- First ends
- Nov 2049
Assumption
Assumption + second
$4,552/mo
+$2,529/mo- Down payment
- $75,648
- Funds due
- $92,767
- Interest + MI left
- $703,906
- First ends
- Nov 2049
New loan
New conventional
$5,132/mo
+$3,109/mo- Down payment
- $75,648
- Funds due
- $88,423
- Interest + MI left
- $1,022,700
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,352 | $321,352 | $674,352 |
| Second mortgage | — | $353,000 | — |
| First P&I | $1,695.08 | $1,695.08 | $4,669.08 |
| Second P&I | — | $2,528.94 | — |
| Mortgage insurance | — | — | $134.87 |
| Taxes, insurance & HOA | $327.75 | $327.75 | $327.75 |
| Total housing payment | $2,022.83 | $4,551.76 | $5,131.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,648
Closing costs & prepaids$17,119
Usable credit−$0
Total buyer cash needed$92,767
Earnest money paid−$0
Remaining funds due$92,767
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,606.76
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$333.25
Prepaid interest, first (2 days)$61.45
Prepaid interest, second (2 days)$149.90
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 closing23 yrOf the original 30-year loan at 3.490%
Interest already paid$85,783Through Nov 2026
Assumption only · ends Nov 2049$146,490
Assumption + second · ends Nov 2049, second Dec 2056$703,906
New conventional · ends Dec 2056$1,022,700