Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,342/mo
Lowest payment- Down payment
- $380,451
- Funds due
- $395,181
- Interest + MI left
- $115,573
- First ends
- Jun 2045
Assumption
Assumption + second
$4,577/mo
+$2,235/mo- Down payment
- $68,451
- Funds due
- $84,497
- Interest + MI left
- $608,248
- First ends
- Jun 2045
New loan
New conventional
$4,824/mo
+$2,482/mo- Down payment
- $68,451
- Funds due
- $80,323
- Interest + MI left
- $919,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,549 | $294,549 | $606,549 |
| Second mortgage | — | $312,000 | — |
| First P&I | $1,839.11 | $1,839.11 | $4,199.62 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | — | — | $121.31 |
| Taxes, insurance & HOA | $502.75 | $502.75 | $502.75 |
| Total housing payment | $2,341.86 | $4,577.07 | $4,823.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,451
Closing costs & prepaids$16,046
Usable credit−$0
Total buyer cash needed$84,497
Earnest money paid−$0
Remaining funds due$84,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,472.74
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)$1,008.25
Prepaid interest, first (1 days)$30.42
Prepaid interest, second (1 days)$66.25
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 closing18 yr 7 moOf the original 30-year loan at 3.770%
Interest already paid$150,361Through Nov 2026
Assumption only · ends Jun 2045$115,573
Assumption + second · ends Jun 2045, second Dec 2056$608,248
New conventional · ends Dec 2056$919,751