Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,262/mo
Lowest payment- Down payment
- $342,134
- Funds due
- $356,512
- Interest + MI left
- $79,631
- First ends
- Feb 2045
Assumption
Assumption + second
$4,325/mo
+$2,063/mo- Down payment
- $54,134
- Funds due
- $69,885
- Interest + MI left
- $534,407
- First ends
- Feb 2045
New loan
New conventional
$4,444/mo
+$2,181/mo- Down payment
- $54,134
- Funds due
- $66,366
- Interest + MI left
- $729,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,866 | $192,866 | $480,866 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,244.28 | $1,244.28 | $3,329.42 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $96.17 |
| Taxes, insurance & HOA | $1,017.92 | $1,017.92 | $1,017.92 |
| Total housing payment | $2,262.20 | $4,325.46 | $4,443.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,134
Closing costs & prepaids$15,751
Usable credit−$0
Total buyer cash needed$69,885
Earnest money paid−$0
Remaining funds due$69,885
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$964.33
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)$2,064.75
Initial HOA (3 months)$489.00
Prepaid interest, first (2 days)$42.48
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 closing18 yr 3 moOf the original 30-year loan at 4.020%
Interest already paid$108,310Through Nov 2026
Assumption only · ends Feb 2045$79,631
Assumption + second · ends Feb 2045, second Dec 2056$534,407
New conventional · ends Dec 2056$729,169