Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $312,622
- Funds due
- $327,611
- Interest + MI left
- $177,669
- First ends
- Sep 2049
Assumption
Assumption + second
$4,195/mo
+$1,755/mo- Down payment
- $67,622
- Funds due
- $83,965
- Interest + MI left
- $564,544
- First ends
- Sep 2049
New loan
New conventional
$4,778/mo
+$2,338/mo- Down payment
- $67,622
- Funds due
- $79,525
- Interest + MI left
- $913,395
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,278 | $357,278 | $602,278 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,952.36 | $1,952.36 | $4,170.05 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $120.46 |
| Taxes, insurance & HOA | $487.08 | $487.08 | $487.08 |
| Total housing payment | $2,439.44 | $4,194.65 | $4,777.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,622
Closing costs & prepaids$16,343
Usable credit−$0
Total buyer cash needed$83,965
Earnest money paid−$0
Remaining funds due$83,965
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,786.39
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)$961.25
Prepaid interest, first (2 days)$74.39
Prepaid interest, second (2 days)$104.04
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 closing22 yr 10 moOf the original 30-year loan at 3.800%
Interest already paid$106,181Through Nov 2026
Assumption only · ends Sep 2049$177,669
Assumption + second · ends Sep 2049, second Dec 2056$564,544
New conventional · ends Dec 2056$913,395