Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,125/mo
Lowest payment- Down payment
- $438,822
- Funds due
- $453,860
- Interest + MI left
- $153,113
- First ends
- Mar 2049
Assumption
Assumption + second
$4,761/mo
+$2,636/mo- Down payment
- $70,822
- Funds due
- $87,188
- Interest + MI left
- $734,216
- First ends
- Mar 2049
New loan
New conventional
$5,058/mo
+$2,933/mo- Down payment
- $70,822
- Funds due
- $83,154
- Interest + MI left
- $952,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,178 | $260,178 | $628,178 |
| Second mortgage | — | $368,000 | — |
| First P&I | $1,542.13 | $1,542.13 | $4,349.38 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | — | — | $125.64 |
| Taxes, insurance & HOA | $582.50 | $582.50 | $582.50 |
| Total housing payment | $2,124.63 | $4,761.03 | $5,057.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,822
Closing costs & prepaids$16,367
Usable credit−$0
Total buyer cash needed$87,188
Earnest money paid−$0
Remaining funds due$87,188
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,300.89
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)$737.50
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$32.15
Prepaid interest, second (1 days)$78.14
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 4 moOf the original 30-year loan at 4.510%
Interest already paid$98,054Through Nov 2026
Assumption only · ends Mar 2049$153,113
Assumption + second · ends Mar 2049, second Dec 2056$734,216
New conventional · ends Dec 2056$952,549