Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $224,077
- Funds due
- $236,424
- Interest + MI left
- $133,549
- First ends
- Aug 2049
Assumption
Assumption + second
$3,170/mo
+$1,299/mo- Down payment
- $47,077
- Funds due
- $60,713
- Interest + MI left
- $424,104
- First ends
- Aug 2049
New loan
New conventional
$3,476/mo
+$1,606/mo- Down payment
- $47,077
- Funds due
- $57,013
- Interest + MI left
- $633,725
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,923 | $240,923 | $417,923 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,371.69 | $1,371.69 | $2,893.61 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $83.58 |
| Taxes, insurance & HOA | $499.17 | $499.17 | $499.17 |
| Total housing payment | $1,870.86 | $3,169.62 | $3,476.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,077
Closing costs & prepaids$13,637
Usable credit−$0
Total buyer cash needed$60,713
Earnest money paid−$0
Remaining funds due$60,713
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,204.62
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)$997.50
Prepaid interest, first (1 days)$27.72
Prepaid interest, second (1 days)$38.79
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 9 moOf the original 30-year loan at 4.200%
Interest already paid$79,761Through Nov 2026
Assumption only · ends Aug 2049$133,549
Assumption + second · ends Aug 2049, second Dec 2056$424,104
New conventional · ends Dec 2056$633,725