Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $281,754
- Funds due
- $296,758
- Interest + MI left
- $197,006
- First ends
- Aug 2049
Assumption
Assumption + second
$4,169/mo
+$1,547/mo- Down payment
- $65,754
- Funds due
- $82,054
- Interest + MI left
- $538,089
- First ends
- Aug 2049
New loan
New conventional
$4,713/mo
+$2,092/mo- Down payment
- $65,754
- Funds due
- $77,544
- Interest + MI left
- $885,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,246 | $368,246 | $584,246 |
| Second mortgage | — | $216,000 | — |
| First P&I | $2,070.52 | $2,070.52 | $4,045.20 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $116.85 |
| Taxes, insurance & HOA | $551.25 | $551.25 | $551.25 |
| Total housing payment | $2,621.77 | $4,169.22 | $4,713.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,754
Closing costs & prepaids$16,300
Usable credit−$0
Total buyer cash needed$82,054
Earnest money paid−$0
Remaining funds due$82,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,841.23
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)$733.75
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$41.06
Prepaid interest, second (1 days)$45.86
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 4.070%
Interest already paid$118,331Through Nov 2026
Assumption only · ends Aug 2049$197,006
Assumption + second · ends Aug 2049, second Dec 2056$538,089
New conventional · ends Dec 2056$885,932