Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $587,596
- Funds due
- $605,721
- Interest + MI left
- $149,693
- First ends
- Dec 2049
Assumption
Assumption + second
$5,807/mo
+$3,561/mo- Down payment
- $90,596
- Funds due
- $110,921
- Interest + MI left
- $934,498
- First ends
- Dec 2049
New loan
New conventional
$6,214/mo
+$3,967/mo- Down payment
- $90,596
- Funds due
- $106,615
- Interest + MI left
- $1,182,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,404 | $311,404 | $808,404 |
| Second mortgage | — | $497,000 | — |
| First P&I | $1,670.64 | $1,670.64 | $5,476.41 |
| Second P&I | — | $3,560.57 | — |
| Mortgage insurance | — | — | $161.68 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $2,246.89 | $5,807.46 | $6,214.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,596
Closing costs & prepaids$20,325
Usable credit−$0
Total buyer cash needed$110,921
Earnest money paid−$0
Remaining funds due$110,921
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,557.02
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)$1,078.75
Prepaid interest, first (9 days)$281.03
Prepaid interest, second (9 days)$949.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.66%
Interest already paid$86,988Through Dec 2026
Assumption only · ends Dec 2049$149,693
Assumption + second · ends Dec 2049, second Jan 2057$934,498
New conventional · ends Jan 2057$1,182,020