Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,018/mo
Lowest payment- Down payment
- $323,561
- Funds due
- $337,362
- Interest + MI left
- $125,361
- First ends
- Aug 2047
Assumption
Assumption + second
$3,902/mo
+$1,884/mo- Down payment
- $60,561
- Funds due
- $76,114
- Interest + MI left
- $540,660
- First ends
- Aug 2047
New loan
New conventional
$4,154/mo
+$2,136/mo- Down payment
- $60,561
- Funds due
- $72,279
- Interest + MI left
- $785,825
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,439 | $274,439 | $537,439 |
| Second mortgage | — | $263,000 | — |
| First P&I | $1,612.10 | $1,612.10 | $3,640.80 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | — | — | $107.49 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $2,017.93 | $3,902.10 | $4,154.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,561
Closing costs & prepaids$15,554
Usable credit−$0
Total buyer cash needed$76,114
Earnest money paid−$0
Remaining funds due$76,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,372.20
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)$717.50
Prepaid interest, first (9 days)$263.24
Prepaid interest, second (9 days)$502.58
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 closing20 yr 8 moOf the original 30-year loan at 3.89%
Interest already paid$112,792Through Dec 2026
Assumption only · ends Aug 2047$125,361
Assumption + second · ends Aug 2047, second Jan 2057$540,660
New conventional · ends Jan 2057$785,825