Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $325,107
- Funds due
- $338,355
- Interest + MI left
- $134,725
- First ends
- Jul 2049
Assumption
Assumption + second
$3,695/mo
+$1,920/mo- Down payment
- $57,107
- Funds due
- $72,117
- Interest + MI left
- $557,919
- First ends
- Jul 2049
New loan
New conventional
$3,935/mo
+$2,160/mo- Down payment
- $57,107
- Funds due
- $68,438
- Interest + MI left
- $742,624
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,893 | $239,893 | $507,893 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,382.35 | $1,382.35 | $3,440.64 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $101.58 |
| Taxes, insurance & HOA | $392.67 | $392.67 | $392.67 |
| Total housing payment | $1,775.02 | $3,695.01 | $3,934.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,107
Closing costs & prepaids$15,011
Usable credit−$0
Total buyer cash needed$72,117
Earnest money paid−$0
Remaining funds due$72,117
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,199.47
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)$678.00
Prepaid interest, first (9 days)$253.17
Prepaid interest, second (9 days)$512.14
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 7 moOf the original 30-year loan at 4.28%
Interest already paid$82,923Through Dec 2026
Assumption only · ends Jul 2049$134,725
Assumption + second · ends Jul 2049, second Jan 2057$557,919
New conventional · ends Jan 2057$742,624