Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $220,799
- Funds due
- $232,125
- Interest + MI left
- $100,686
- First ends
- Dec 2049
Assumption
Assumption + second
$2,758/mo
+$1,299/mo- Down payment
- $43,799
- Funds due
- $56,724
- Interest + MI left
- $391,241
- First ends
- Dec 2049
New loan
New conventional
$3,041/mo
+$1,582/mo- Down payment
- $43,799
- Funds due
- $53,331
- Interest + MI left
- $569,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,701 | $212,701 | $389,701 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,135.46 | $1,135.46 | $2,639.97 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $77.94 |
| Taxes, insurance & HOA | $323.42 | $323.42 | $323.42 |
| Total housing payment | $1,458.88 | $2,757.64 | $3,041.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,799
Closing costs & prepaids$12,925
Usable credit−$0
Total buyer cash needed$56,724
Earnest money paid−$0
Remaining funds due$56,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,335.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,063.50
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)$520.25
Prepaid interest, first (9 days)$189.33
Prepaid interest, second (9 days)$349.15
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 3.61%
Interest already paid$58,641Through Dec 2026
Assumption only · ends Dec 2049$100,686
Assumption + second · ends Dec 2049, second Jan 2057$391,241
New conventional · ends Jan 2057$569,807