Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,991/mo
Lowest payment- Down payment
- $289,730
- Funds due
- $302,675
- Interest + MI left
- $84,441
- First ends
- Dec 2044
Assumption
Assumption + second
$3,717/mo
+$1,727/mo- Down payment
- $48,730
- Funds due
- $63,027
- Interest + MI left
- $465,000
- First ends
- Dec 2044
New loan
New conventional
$3,810/mo
+$1,819/mo- Down payment
- $48,730
- Funds due
- $59,550
- Interest + MI left
- $661,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,270 | $195,270 | $436,270 |
| Second mortgage | — | $241,000 | — |
| First P&I | $1,288.99 | $1,288.99 | $3,020.65 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | — | — | $87.25 |
| Taxes, insurance & HOA | $701.83 | $701.83 | $701.83 |
| Total housing payment | $1,990.83 | $3,717.38 | $3,809.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,730
Closing costs & prepaids$14,297
Usable credit−$0
Total buyer cash needed$63,027
Earnest money paid−$0
Remaining funds due$63,027
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%)$976.35
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)$1,605.50
Prepaid interest, first (2 days)$45.26
Prepaid interest, second (2 days)$102.34
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 closing18 yr 1 moOf the original 30-year loan at 4.230%
Interest already paid$116,949Through Nov 2026
Assumption only · ends Dec 2044$84,441
Assumption + second · ends Dec 2044, second Dec 2056$465,000
New conventional · ends Dec 2056$661,633