Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $337,067
- Funds due
- $349,391
- Interest + MI left
- $179,412
- First ends
- Mar 2055
Assumption
Assumption + second
$3,597/mo
+$2,063/mo- Down payment
- $49,067
- Funds due
- $62,763
- Interest + MI left
- $634,188
- First ends
- Mar 2055
New loan
New conventional
$3,676/mo
+$2,143/mo- Down payment
- $49,067
- Funds due
- $59,491
- Interest + MI left
- $661,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,933 | $147,933 | $435,933 |
| Second mortgage | — | $288,000 | — |
| First P&I | $962.78 | $962.78 | $3,018.31 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $87.19 |
| Taxes, insurance & HOA | $570.83 | $570.83 | $570.83 |
| Total housing payment | $1,533.61 | $3,596.88 | $3,676.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,067
Closing costs & prepaids$13,696
Usable credit−$0
Total buyer cash needed$62,763
Earnest money paid−$0
Remaining funds due$62,763
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$739.66
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)$1,212.50
Prepaid interest, first (2 days)$53.50
Prepaid interest, second (2 days)$122.30
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 closing28 yr 4 moOf the original 30-year loan at 6.600%
Interest already paid$16,438Through Nov 2026
Assumption only · ends Mar 2055$179,412
Assumption + second · ends Mar 2055, second Dec 2056$634,188
New conventional · ends Dec 2056$661,035