Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,326/mo
Lowest payment- Down payment
- $276,599
- Funds due
- $288,297
- Interest + MI left
- $84,864
- First ends
- Nov 2049
Assumption
Assumption + second
$2,974/mo
+$1,648/mo- Down payment
- $46,599
- Funds due
- $59,986
- Interest + MI left
- $448,054
- First ends
- Nov 2049
New loan
New conventional
$3,234/mo
+$1,908/mo- Down payment
- $46,599
- Funds due
- $56,692
- Interest + MI left
- $604,461
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,401 | $183,401 | $413,401 |
| Second mortgage | — | $230,000 | — |
| First P&I | $975.51 | $975.51 | $2,800.52 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $82.68 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,326.18 | $2,973.92 | $3,233.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,599
Closing costs & prepaids$13,387
Usable credit−$0
Total buyer cash needed$59,986
Earnest money paid−$0
Remaining funds due$59,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$917.00
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)$552.00
Prepaid interest, first (9 days)$160.54
Prepaid interest, second (9 days)$439.52
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 11 moOf the original 30-year loan at 3.55%
Interest already paid$50,422Through Dec 2026
Assumption only · ends Nov 2049$84,864
Assumption + second · ends Nov 2049, second Jan 2057$448,054
New conventional · ends Jan 2057$604,461