Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $446,007
- Funds due
- $462,628
- Interest + MI left
- $155,818
- First ends
- Nov 2049
Assumption
Assumption + second
$4,802/mo
+$2,593/mo- Down payment
- $84,007
- Funds due
- $101,955
- Interest + MI left
- $727,446
- First ends
- Nov 2049
New loan
New conventional
$5,602/mo
+$3,393/mo- Down payment
- $84,007
- Funds due
- $97,145
- Interest + MI left
- $1,146,514
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,993 | $393,993 | $755,993 |
| Second mortgage | — | $362,000 | — |
| First P&I | $1,992.07 | $1,992.07 | $5,234.34 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | — | — | $151.20 |
| Taxes, insurance & HOA | $216.67 | $216.67 | $216.67 |
| Total housing payment | $2,208.73 | $4,802.15 | $5,602.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,007
Closing costs & prepaids$17,948
Usable credit−$0
Total buyer cash needed$101,955
Earnest money paid−$0
Remaining funds due$101,955
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,969.96
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Prepaid interest, first (1 days)$33.14
Prepaid interest, second (1 days)$76.86
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 closing23 yrOf the original 29-year loan at 3.070%
Interest already paid$78,792Through Nov 2026
Assumption only · ends Nov 2049$155,818
Assumption + second · ends Nov 2049, second Dec 2056$727,446
New conventional · ends Dec 2056$1,146,514