Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,488/mo
Lowest payment- Down payment
- $276,615
- Funds due
- $288,632
- Interest + MI left
- $53,193
- First ends
- Aug 2046
Assumption
Assumption + second
$3,129/mo
+$1,641/mo- Down payment
- $47,615
- Funds due
- $60,979
- Interest + MI left
- $414,803
- First ends
- Aug 2046
New loan
New conventional
$3,471/mo
+$1,983/mo- Down payment
- $47,615
- Funds due
- $57,516
- Interest + MI left
- $648,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,385 | $198,385 | $427,385 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,061.51 | $1,061.51 | $2,959.13 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $85.48 |
| Taxes, insurance & HOA | $426.42 | $426.42 | $426.42 |
| Total housing payment | $1,487.92 | $3,128.51 | $3,471.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,615
Closing costs & prepaids$13,364
Usable credit−$0
Total buyer cash needed$60,979
Earnest money paid−$0
Remaining funds due$60,979
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%)$991.92
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)$779.25
Prepaid interest, first (2 days)$27.18
Prepaid interest, second (2 days)$97.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 9 moOf the original 30-year loan at 2.500%
Interest already paid$60,296Through Nov 2026
Assumption only · ends Aug 2046$53,193
Assumption + second · ends Aug 2046, second Dec 2056$414,803
New conventional · ends Dec 2056$648,158