Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $317,090
- Funds due
- $329,094
- Interest + MI left
- $62,950
- First ends
- Jan 2045
Assumption
Assumption + second
$3,393/mo
+$1,927/mo- Down payment
- $48,090
- Funds due
- $61,858
- Interest + MI left
- $487,724
- First ends
- Jan 2045
New loan
New conventional
$3,425/mo
+$1,960/mo- Down payment
- $48,090
- Funds due
- $58,633
- Interest + MI left
- $624,213
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,910 | $157,910 | $426,910 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,017.79 | $1,017.79 | $2,892.04 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $85.38 |
| Taxes, insurance & HOA | $447.67 | $447.67 | $447.67 |
| Total housing payment | $1,465.45 | $3,392.60 | $3,425.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,090
Closing costs & prepaids$13,768
Usable credit−$0
Total buyer cash needed$61,858
Earnest money paid−$0
Remaining funds due$61,858
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$789.55
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)$570.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$153.02
Prepaid interest, second (9 days)$514.05
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 closing18 yr 1 moOf the original 30-year loan at 3.93%
Interest already paid$88,453Through Dec 2026
Assumption only · ends Jan 2045$62,950
Assumption + second · ends Jan 2045, second Jan 2057$487,724
New conventional · ends Jan 2057$624,213