Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,018/mo
Lowest payment- Down payment
- $282,370
- Funds due
- $295,317
- Interest + MI left
- $171,008
- First ends
- Jan 2049
Assumption
Assumption + second
$3,645/mo
+$1,626/mo- Down payment
- $55,370
- Funds due
- $69,615
- Interest + MI left
- $529,460
- First ends
- Jan 2049
New loan
New conventional
$3,890/mo
+$1,871/mo- Down payment
- $55,370
- Funds due
- $65,701
- Interest + MI left
- $748,623
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,630 | $266,630 | $493,630 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,645.25 | $1,645.25 | $3,417.79 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $98.73 |
| Taxes, insurance & HOA | $373.17 | $373.17 | $373.17 |
| Total housing payment | $2,018.42 | $3,644.68 | $3,889.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,370
Closing costs & prepaids$14,245
Usable credit−$0
Total buyer cash needed$69,615
Earnest money paid−$0
Remaining funds due$69,615
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,333.15
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)$136.50
Initial HOA (3 months)$483.00
Prepaid interest, first (1 days)$35.79
Prepaid interest, second (1 days)$48.20
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 closing22 yr 2 moOf the original 30-year loan at 4.900%
Interest already paid$111,283Through Nov 2026
Assumption only · ends Jan 2049$171,008
Assumption + second · ends Jan 2049, second Dec 2056$529,460
New conventional · ends Dec 2056$748,623