Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,033/mo
Lowest payment- Down payment
- $417,900
- Funds due
- $433,066
- Interest + MI left
- $138,464
- First ends
- Dec 2049
Assumption
Assumption + second
$4,519/mo
+$2,486/mo- Down payment
- $70,900
- Funds due
- $87,979
- Interest + MI left
- $686,406
- First ends
- Dec 2049
New loan
New conventional
$4,897/mo
+$2,863/mo- Down payment
- $70,900
- Funds due
- $84,009
- Interest + MI left
- $919,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,000 | $282,000 | $629,000 |
| Second mortgage | — | $347,000 | — |
| First P&I | $1,523.42 | $1,523.42 | $4,261.07 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | — | — | $125.80 |
| Taxes, insurance & HOA | $510.00 | $510.00 | $510.00 |
| Total housing payment | $2,033.42 | $4,519.37 | $4,896.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,900
Closing costs & prepaids$17,079
Usable credit−$0
Total buyer cash needed$87,979
Earnest money paid−$0
Remaining funds due$87,979
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,410.00
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)$840.00
Initial HOA (3 months)$189.99
Prepaid interest, first (9 days)$259.36
Prepaid interest, second (9 days)$663.10
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 closing23 yrOf the original 30-year loan at 3.73%
Interest already paid$80,210Through Dec 2026
Assumption only · ends Dec 2049$138,464
Assumption + second · ends Dec 2049, second Jan 2057$686,406
New conventional · ends Jan 2057$919,702