Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,162/mo
Lowest payment- Down payment
- $368,588
- Funds due
- $383,219
- Interest + MI left
- $129,203
- First ends
- Aug 2047
Assumption
Assumption + second
$4,339/mo
+$2,178/mo- Down payment
- $64,588
- Funds due
- $81,050
- Interest + MI left
- $609,245
- First ends
- Aug 2047
New loan
New conventional
$4,556/mo
+$2,395/mo- Down payment
- $64,588
- Funds due
- $77,175
- Interest + MI left
- $839,885
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,412 | $270,412 | $574,412 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,611.35 | $1,611.35 | $3,891.27 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $114.88 |
| Taxes, insurance & HOA | $550.25 | $550.25 | $550.25 |
| Total housing payment | $2,161.60 | $4,339.50 | $4,556.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,588
Closing costs & prepaids$16,462
Usable credit−$0
Total buyer cash needed$81,050
Earnest money paid−$0
Remaining funds due$81,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,352.06
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)$766.75
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$270.04
Prepaid interest, second (9 days)$580.93
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 closing20 yr 8 moOf the original 30-year loan at 4.05%
Interest already paid$115,396Through Dec 2026
Assumption only · ends Aug 2047$129,203
Assumption + second · ends Aug 2047, second Jan 2057$609,245
New conventional · ends Jan 2057$839,885