Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,917/mo
Lowest payment- Down payment
- $287,248
- Funds due
- $302,668
- Interest + MI left
- $179,670
- First ends
- Mar 2047
Assumption
Assumption + second
$4,500/mo
+$1,583/mo- Down payment
- $66,248
- Funds due
- $82,965
- Interest + MI left
- $528,648
- First ends
- Mar 2047
New loan
New conventional
$4,868/mo
+$1,950/mo- Down payment
- $66,248
- Funds due
- $78,451
- Interest + MI left
- $892,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,652 | $367,652 | $588,652 |
| Second mortgage | — | $221,000 | — |
| First P&I | $2,243.12 | $2,243.12 | $4,075.71 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | — | — | $117.73 |
| Taxes, insurance & HOA | $674.08 | $674.08 | $674.08 |
| Total housing payment | $2,917.21 | $4,500.48 | $4,867.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,248
Closing costs & prepaids$16,717
Usable credit−$0
Total buyer cash needed$82,965
Earnest money paid−$0
Remaining funds due$82,965
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,838.26
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)$1,297.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$42.31
Prepaid interest, second (1 days)$46.92
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 closing20 yr 4 moOf the original 30-year loan at 4.200%
Interest already paid$169,154Through Nov 2026
Assumption only · ends Mar 2047$179,670
Assumption + second · ends Mar 2047, second Dec 2056$528,648
New conventional · ends Dec 2056$892,613