Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $284,599
- Funds due
- $294,611
- Interest + MI left
- $32,351
- First ends
- Jan 2037
Assumption
Assumption + second
$3,084/mo
+$1,770/mo- Down payment
- $37,599
- Funds due
- $49,333
- Interest + MI left
- $422,385
- First ends
- Jan 2037
New loan
New conventional
$2,653/mo
+$1,339/mo- Down payment
- $37,599
- Funds due
- $46,445
- Interest + MI left
- $493,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,401 | $90,401 | $337,401 |
| Second mortgage | — | $247,000 | — |
| First P&I | $1,014.49 | $1,014.49 | $2,285.67 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $67.48 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,314.49 | $3,084.02 | $2,653.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,599
Closing costs & prepaids$11,734
Usable credit−$0
Total buyer cash needed$49,333
Earnest money paid−$0
Remaining funds due$49,333
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$452.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Prepaid interest, first (9 days)$141.99
Prepaid interest, second (9 days)$472.01
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 closing10 yr 1 moOf the original 30-year loan at 6.37%
Interest already paid$170,167Through Dec 2026
Assumption only · ends Jan 2037$32,351
Assumption + second · ends Jan 2037, second Jan 2057$422,385
New conventional · ends Jan 2057$493,336