Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,158/mo
Lowest payment- Down payment
- $439,386
- Funds due
- $454,780
- Interest + MI left
- $152,135
- First ends
- Mar 2049
Assumption
Assumption + second
$4,802/mo
+$2,644/mo- Down payment
- $70,386
- Funds due
- $87,735
- Interest + MI left
- $734,817
- First ends
- Mar 2049
New loan
New conventional
$5,000/mo
+$2,842/mo- Down payment
- $70,386
- Funds due
- $83,809
- Interest + MI left
- $919,138
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,614 | $259,614 | $628,614 |
| Second mortgage | — | $369,000 | — |
| First P&I | $1,542.13 | $1,542.13 | $4,258.45 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | — | — | $125.72 |
| Taxes, insurance & HOA | $616.25 | $616.25 | $616.25 |
| Total housing payment | $2,158.38 | $4,801.94 | $5,000.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,386
Closing costs & prepaids$17,349
Usable credit−$0
Total buyer cash needed$87,735
Earnest money paid−$0
Remaining funds due$87,735
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,298.07
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)$838.75
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$288.70
Prepaid interest, second (9 days)$705.14
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 closing22 yr 3 moOf the original 30-year loan at 4.51%
Interest already paid$99,032Through Dec 2026
Assumption only · ends Mar 2049$152,135
Assumption + second · ends Mar 2049, second Jan 2057$734,817
New conventional · ends Jan 2057$919,138