Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
Lowest payment- Down payment
- $344,562
- Funds due
- $358,869
- Interest + MI left
- $172,846
- First ends
- Jul 2043
Assumption
Assumption + second
$4,715/mo
+$2,020/mo- Down payment
- $62,562
- Funds due
- $78,658
- Interest + MI left
- $618,147
- First ends
- Jul 2043
New loan
New conventional
$4,339/mo
+$1,645/mo- Down payment
- $62,562
- Funds due
- $74,607
- Interest + MI left
- $822,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,438 | $280,438 | $562,438 |
| Second mortgage | — | $282,000 | — |
| First P&I | $2,277.81 | $2,277.81 | $3,810.15 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | — | — | $112.49 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,694.47 | $4,714.76 | $4,339.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,562
Closing costs & prepaids$16,096
Usable credit−$0
Total buyer cash needed$78,658
Earnest money paid−$0
Remaining funds due$78,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,402.19
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)$750.00
Prepaid interest, first (9 days)$437.02
Prepaid interest, second (9 days)$538.89
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 closing16 yr 7 moOf the original 20-year loan at 6.32%
Interest already paid$63,928Through Dec 2026
Assumption only · ends Jul 2043$172,846
Assumption + second · ends Jul 2043, second Jan 2057$618,147
New conventional · ends Jan 2057$822,377