Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,921/mo
Lowest payment- Down payment
- $290,075
- Funds due
- $303,243
- Interest + MI left
- $111,556
- First ends
- Feb 2047
Assumption
Assumption + second
$3,605/mo
+$1,684/mo- Down payment
- $55,075
- Funds due
- $69,942
- Interest + MI left
- $482,640
- First ends
- Feb 2047
New loan
New conventional
$3,838/mo
+$1,916/mo- Down payment
- $55,075
- Funds due
- $66,234
- Interest + MI left
- $723,516
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,825 | $259,825 | $494,825 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,534.63 | $1,534.63 | $3,352.12 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $98.96 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,921.30 | $3,604.86 | $3,837.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,075
Closing costs & prepaids$14,867
Usable credit−$0
Total buyer cash needed$69,942
Earnest money paid−$0
Remaining funds due$69,942
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,299.12
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)$660.00
Prepaid interest, first (9 days)$241.53
Prepaid interest, second (9 days)$449.08
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 closing20 yr 2 moOf the original 30-year loan at 3.77%
Interest already paid$110,351Through Dec 2026
Assumption only · ends Feb 2047$111,556
Assumption + second · ends Feb 2047, second Jan 2057$482,640
New conventional · ends Jan 2057$723,516