Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,170/mo
Lowest payment- Down payment
- $317,226
- Funds due
- $331,256
- Interest + MI left
- $124,154
- First ends
- Nov 2047
Assumption
Assumption + second
$4,019/mo
+$1,848/mo- Down payment
- $59,226
- Funds due
- $74,561
- Interest + MI left
- $531,558
- First ends
- Nov 2047
New loan
New conventional
$4,361/mo
+$2,190/mo- Down payment
- $59,226
- Funds due
- $70,611
- Interest + MI left
- $797,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,774 | $267,774 | $525,774 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,555.27 | $1,555.27 | $3,640.35 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $105.15 |
| Taxes, insurance & HOA | $615.08 | $615.08 | $615.08 |
| Total housing payment | $2,170.36 | $4,018.70 | $4,360.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,226
Closing costs & prepaids$15,335
Usable credit−$0
Total buyer cash needed$74,561
Earnest money paid−$0
Remaining funds due$74,561
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,338.87
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)$1,345.25
Prepaid interest, first (1 days)$28.46
Prepaid interest, second (1 days)$54.78
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 closing21 yrOf the original 30-year loan at 3.880%
Interest already paid$105,203Through Nov 2026
Assumption only · ends Nov 2047$124,154
Assumption + second · ends Nov 2047, second Dec 2056$531,558
New conventional · ends Dec 2056$797,266