Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,403/mo
Lowest payment- Down payment
- $306,556
- Funds due
- $318,348
- Interest + MI left
- $70,108
- First ends
- Dec 2045
Assumption
Assumption + second
$3,258/mo
+$1,856/mo- Down payment
- $47,556
- Funds due
- $61,093
- Interest + MI left
- $479,091
- First ends
- Dec 2045
New loan
New conventional
$3,338/mo
+$1,935/mo- Down payment
- $47,556
- Funds due
- $57,832
- Interest + MI left
- $624,994
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,444 | $168,444 | $427,444 |
| Second mortgage | — | $259,000 | — |
| First P&I | $1,046.28 | $1,046.28 | $2,895.65 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $85.49 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,402.95 | $3,258.45 | $3,337.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,556
Closing costs & prepaids$13,537
Usable credit−$0
Total buyer cash needed$61,093
Earnest money paid−$0
Remaining funds due$61,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$842.22
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)$570.00
Prepaid interest, first (9 days)$161.57
Prepaid interest, second (9 days)$494.94
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 closing19 yrOf the original 30-year loan at 3.89%
Interest already paid$84,457Through Dec 2026
Assumption only · ends Dec 2045$70,108
Assumption + second · ends Dec 2045, second Jan 2057$479,091
New conventional · ends Jan 2057$624,994