Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,781/mo
Lowest payment- Down payment
- $227,252
- Funds due
- $239,619
- Interest + MI left
- $128,921
- First ends
- Aug 2049
Assumption
Assumption + second
$3,102/mo
+$1,321/mo- Down payment
- $47,252
- Funds due
- $61,224
- Interest + MI left
- $424,400
- First ends
- Aug 2049
New loan
New conventional
$3,362/mo
+$1,582/mo- Down payment
- $47,252
- Funds due
- $57,646
- Interest + MI left
- $617,981
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,648 | $242,648 | $422,648 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,366.06 | $1,366.06 | $2,863.16 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $84.53 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $1,780.73 | $3,101.51 | $3,362.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,252
Closing costs & prepaids$13,972
Usable credit−$0
Total buyer cash needed$61,224
Earnest money paid−$0
Remaining funds due$61,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,213.24
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)$564.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$242.91
Prepaid interest, second (9 days)$355.07
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 8 moOf the original 30-year loan at 4.06%
Interest already paid$78,787Through Dec 2026
Assumption only · ends Aug 2049$128,921
Assumption + second · ends Aug 2049, second Jan 2057$424,400
New conventional · ends Jan 2057$617,981