Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,149/mo
Lowest payment- Down payment
- $367,892
- Funds due
- $382,250
- Interest + MI left
- $130,118
- First ends
- Aug 2047
Assumption
Assumption + second
$4,320/mo
+$2,171/mo- Down payment
- $64,892
- Funds due
- $80,564
- Interest + MI left
- $608,581
- First ends
- Aug 2047
New loan
New conventional
$4,628/mo
+$2,478/mo- Down payment
- $64,892
- Funds due
- $76,539
- Interest + MI left
- $870,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,108 | $271,108 | $574,108 |
| Second mortgage | — | $303,000 | — |
| First P&I | $1,611.35 | $1,611.35 | $3,975.01 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $114.82 |
| Taxes, insurance & HOA | $538.08 | $538.08 | $538.08 |
| Total housing payment | $2,149.44 | $4,320.16 | $4,627.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,892
Closing costs & prepaids$15,672
Usable credit−$0
Total buyer cash needed$80,564
Earnest money paid−$0
Remaining funds due$80,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,355.54
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)$730.25
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$30.08
Prepaid interest, second (1 days)$64.34
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 closing20 yr 9 moOf the original 30-year loan at 4.050%
Interest already paid$114,481Through Nov 2026
Assumption only · ends Aug 2047$130,118
Assumption + second · ends Aug 2047, second Dec 2056$608,581
New conventional · ends Dec 2056$870,559