Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,514/mo
Lowest payment- Down payment
- $330,638
- Funds due
- $346,048
- Interest + MI left
- $140,394
- First ends
- Aug 2049
Assumption
Assumption + second
$4,449/mo
+$1,934/mo- Down payment
- $60,638
- Funds due
- $77,412
- Interest + MI left
- $566,747
- First ends
- Aug 2049
New loan
New conventional
$4,852/mo
+$2,338/mo- Down payment
- $60,638
- Funds due
- $73,466
- Interest + MI left
- $816,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,362 | $268,362 | $538,362 |
| Second mortgage | — | $270,000 | — |
| First P&I | $1,497.27 | $1,497.27 | $3,727.51 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | — | — | $107.67 |
| Taxes, insurance & HOA | $1,016.91 | $1,016.91 | $1,016.91 |
| Total housing payment | $2,514.19 | $4,448.50 | $4,852.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,638
Closing costs & prepaids$16,774
Usable credit−$0
Total buyer cash needed$77,412
Earnest money paid−$0
Remaining funds due$77,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,341.81
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)$2,492.00
Initial HOA (3 months)$58.74
Prepaid interest, first (2 days)$58.67
Prepaid interest, second (2 days)$114.66
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 9 moOf the original 30-year loan at 3.990%
Interest already paid$84,624Through Nov 2026
Assumption only · ends Aug 2049$140,394
Assumption + second · ends Aug 2049, second Dec 2056$566,747
New conventional · ends Dec 2056$816,355