Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,266/mo
Lowest payment- Down payment
- $356,365
- Funds due
- $370,854
- Interest + MI left
- $114,648
- First ends
- Jun 2045
Assumption
Assumption + second
$4,351/mo
+$2,085/mo- Down payment
- $65,365
- Funds due
- $81,660
- Interest + MI left
- $574,162
- First ends
- Jun 2045
New loan
New conventional
$4,504/mo
+$2,238/mo- Down payment
- $65,365
- Funds due
- $77,701
- Interest + MI left
- $854,833
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,635 | $293,635 | $584,635 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,839.11 | $1,839.11 | $3,960.52 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $116.93 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,265.78 | $4,350.54 | $4,504.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,365
Closing costs & prepaids$16,295
Usable credit−$0
Total buyer cash needed$81,660
Earnest money paid−$0
Remaining funds due$81,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,468.17
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)$780.00
Prepaid interest, first (9 days)$272.96
Prepaid interest, second (9 days)$556.09
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 closing18 yr 6 moOf the original 30-year loan at 3.77%
Interest already paid$151,286Through Dec 2026
Assumption only · ends Jun 2045$114,648
Assumption + second · ends Jun 2045, second Jan 2057$574,162
New conventional · ends Jan 2057$854,833