Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,711/mo
Lowest payment- Down payment
- $226,709
- Funds due
- $238,654
- Interest + MI left
- $129,744
- First ends
- Aug 2049
Assumption
Assumption + second
$3,025/mo
+$1,313/mo- Down payment
- $47,709
- Funds due
- $60,943
- Interest + MI left
- $423,581
- First ends
- Aug 2049
New loan
New conventional
$3,353/mo
+$1,642/mo- Down payment
- $47,709
- Funds due
- $57,227
- Interest + MI left
- $640,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,191 | $243,191 | $422,191 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,366.06 | $1,366.06 | $2,923.17 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $84.44 |
| Taxes, insurance & HOA | $345.00 | $345.00 | $345.00 |
| Total housing payment | $1,711.06 | $3,024.50 | $3,352.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,709
Closing costs & prepaids$13,234
Usable credit−$0
Total buyer cash needed$60,943
Earnest money paid−$0
Remaining funds due$60,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,215.96
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)$355.00
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$27.05
Prepaid interest, second (1 days)$39.23
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 4.060%
Interest already paid$77,964Through Nov 2026
Assumption only · ends Aug 2049$129,744
Assumption + second · ends Aug 2049, second Dec 2056$423,581
New conventional · ends Dec 2056$640,197