Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $344,747
- Funds due
- $357,006
- Interest + MI left
- $55,928
- First ends
- Aug 2042
Assumption
Assumption + second
$3,714/mo
+$2,092/mo- Down payment
- $52,747
- Funds due
- $66,318
- Interest + MI left
- $517,021
- First ends
- Aug 2042
New loan
New conventional
$3,728/mo
+$2,105/mo- Down payment
- $52,747
- Funds due
- $62,886
- Interest + MI left
- $708,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,253 | $175,253 | $467,253 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,223.18 | $1,223.18 | $3,235.17 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $93.45 |
| Taxes, insurance & HOA | $398.92 | $398.92 | $398.92 |
| Total housing payment | $1,622.10 | $3,714.02 | $3,727.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,747
Closing costs & prepaids$13,571
Usable credit−$0
Total buyer cash needed$66,318
Earnest money paid−$0
Remaining funds due$66,318
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$876.27
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)$696.75
Prepaid interest, first (1 days)$17.67
Prepaid interest, second (1 days)$62.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing15 yr 9 moOf the original 30-year loan at 3.680%
Interest already paid$118,017Through Nov 2026
Assumption only · ends Aug 2042$55,928
Assumption + second · ends Aug 2042, second Dec 2056$517,021
New conventional · ends Dec 2056$708,527