Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,202/mo
Lowest payment- Down payment
- $382,249
- Funds due
- $394,328
- Interest + MI left
- $67,925
- First ends
- Jan 2048
Assumption
Assumption + second
$3,559/mo
+$2,357/mo- Down payment
- $53,249
- Funds due
- $66,718
- Interest + MI left
- $587,444
- First ends
- Jan 2048
New loan
New conventional
$3,733/mo
+$2,531/mo- Down payment
- $53,249
- Funds due
- $63,450
- Interest + MI left
- $715,348
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,751 | $142,751 | $471,751 |
| Second mortgage | — | $329,000 | — |
| First P&I | $829.43 | $829.43 | $3,266.31 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $94.35 |
| Taxes, insurance & HOA | $372.25 | $372.25 | $372.25 |
| Total housing payment | $1,201.68 | $3,558.68 | $3,732.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,249
Closing costs & prepaids$13,469
Usable credit−$0
Total buyer cash needed$66,718
Earnest money paid−$0
Remaining funds due$66,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$713.76
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)$616.75
Prepaid interest, first (2 days)$30.82
Prepaid interest, second (2 days)$139.71
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 closing21 yr 2 moOf the original 30-year loan at 3.940%
Interest already paid$55,671Through Nov 2026
Assumption only · ends Jan 2048$67,925
Assumption + second · ends Jan 2048, second Dec 2056$587,444
New conventional · ends Dec 2056$715,348