Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $352,951
- Funds due
- $366,874
- Interest + MI left
- $106,174
- First ends
- Feb 2045
Assumption
Assumption + second
$4,187/mo
+$2,085/mo- Down payment
- $61,951
- Funds due
- $77,680
- Interest + MI left
- $565,687
- First ends
- Feb 2045
New loan
New conventional
$4,270/mo
+$2,168/mo- Down payment
- $61,951
- Funds due
- $73,874
- Interest + MI left
- $808,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,049 | $262,049 | $553,049 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,689.09 | $1,689.09 | $3,746.55 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $110.61 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $2,101.76 | $4,186.52 | $4,269.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,951
Closing costs & prepaids$15,729
Usable credit−$0
Total buyer cash needed$77,680
Earnest money paid−$0
Remaining funds due$77,680
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,310.25
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)$738.00
Prepaid interest, first (9 days)$256.52
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 2 moOf the original 30-year loan at 3.97%
Interest already paid$146,815Through Dec 2026
Assumption only · ends Feb 2045$106,174
Assumption + second · ends Feb 2045, second Jan 2057$565,687
New conventional · ends Jan 2057$808,649