Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $305,592
- Funds due
- $318,659
- Interest + MI left
- $81,649
- First ends
- Dec 2044
Assumption
Assumption + second
$3,801/mo
+$1,827/mo- Down payment
- $50,592
- Funds due
- $64,963
- Interest + MI left
- $484,316
- First ends
- Dec 2044
New loan
New conventional
$3,903/mo
+$1,929/mo- Down payment
- $50,592
- Funds due
- $61,458
- Interest + MI left
- $681,468
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,408 | $194,408 | $449,408 |
| Second mortgage | — | $255,000 | — |
| First P&I | $1,272.16 | $1,272.16 | $3,111.61 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | — | — | $89.88 |
| Taxes, insurance & HOA | $701.83 | $701.83 | $701.83 |
| Total housing payment | $1,973.99 | $3,800.84 | $3,903.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,592
Closing costs & prepaids$14,372
Usable credit−$0
Total buyer cash needed$64,963
Earnest money paid−$0
Remaining funds due$64,963
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$972.04
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)$1,605.50
Prepaid interest, first (1 days)$21.94
Prepaid interest, second (1 days)$54.14
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 closing18 yr 1 moOf the original 30-year loan at 4.120%
Interest already paid$113,679Through Nov 2026
Assumption only · ends Dec 2044$81,649
Assumption + second · ends Dec 2044, second Dec 2056$484,316
New conventional · ends Dec 2056$681,468