Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,333/mo
Lowest payment- Down payment
- $263,655
- Funds due
- $274,704
- Interest + MI left
- $98,996
- First ends
- Jul 2049
Assumption
Assumption + second
$2,902/mo
+$1,569/mo- Down payment
- $44,655
- Funds due
- $57,001
- Interest + MI left
- $444,816
- First ends
- Jul 2049
New loan
New conventional
$3,152/mo
+$1,819/mo- Down payment
- $44,655
- Funds due
- $53,621
- Interest + MI left
- $606,307
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,789 | $180,789 | $399,789 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,028.62 | $1,028.62 | $2,768.06 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $79.96 |
| Taxes, insurance & HOA | $304.17 | $304.17 | $304.17 |
| Total housing payment | $1,332.79 | $2,901.73 | $3,152.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,655
Closing costs & prepaids$12,346
Usable credit−$0
Total buyer cash needed$57,001
Earnest money paid−$0
Remaining funds due$57,001
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,444.44
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$903.95
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.50
Prepaid interest, first (1 days)$20.65
Prepaid interest, second (1 days)$46.50
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 8 moOf the original 30-year loan at 4.170%
Interest already paid$60,208Through Nov 2026
Assumption only · ends Jul 2049$98,996
Assumption + second · ends Jul 2049, second Dec 2056$444,816
New conventional · ends Dec 2056$606,307