Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,212/mo
Lowest payment- Down payment
- $429,409
- Funds due
- $445,905
- Interest + MI left
- $145,555
- First ends
- Nov 2049
Assumption
Assumption + second
$4,748/mo
+$2,536/mo- Down payment
- $75,409
- Funds due
- $93,832
- Interest + MI left
- $704,551
- First ends
- Nov 2049
New loan
New conventional
$5,221/mo
+$3,010/mo- Down payment
- $75,409
- Funds due
- $89,674
- Interest + MI left
- $986,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,591 | $320,591 | $674,591 |
| Second mortgage | — | $354,000 | — |
| First P&I | $1,695.08 | $1,695.08 | $4,569.91 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | — | — | $134.92 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $2,211.74 | $4,747.84 | $5,221.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,409
Closing costs & prepaids$18,423
Usable credit−$0
Total buyer cash needed$93,832
Earnest money paid−$0
Remaining funds due$93,832
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,602.96
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Prepaid interest, first (9 days)$275.88
Prepaid interest, second (9 days)$676.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 3.49%
Interest already paid$86,718Through Dec 2026
Assumption only · ends Nov 2049$145,555
Assumption + second · ends Nov 2049, second Jan 2057$704,551
New conventional · ends Jan 2057$986,364