Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,290/mo
Lowest payment- Down payment
- $276,167
- Funds due
- $287,615
- Interest + MI left
- $85,408
- First ends
- Nov 2049
Assumption
Assumption + second
$2,938/mo
+$1,648/mo- Down payment
- $46,167
- Funds due
- $58,914
- Interest + MI left
- $448,597
- First ends
- Nov 2049
New loan
New conventional
$3,262/mo
+$1,973/mo- Down payment
- $46,167
- Funds due
- $55,507
- Interest + MI left
- $627,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,833 | $183,833 | $413,833 |
| Second mortgage | — | $230,000 | — |
| First P&I | $975.51 | $975.51 | $2,865.30 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $82.77 |
| Taxes, insurance & HOA | $314.25 | $314.25 | $314.25 |
| Total housing payment | $1,289.76 | $2,937.51 | $3,262.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,167
Closing costs & prepaids$12,747
Usable credit−$0
Total buyer cash needed$58,914
Earnest money paid−$0
Remaining funds due$58,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$919.16
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)$442.75
Prepaid interest, first (1 days)$17.88
Prepaid interest, second (1 days)$48.84
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 closing23 yrOf the original 30-year loan at 3.550%
Interest already paid$49,878Through Nov 2026
Assumption only · ends Nov 2049$85,408
Assumption + second · ends Nov 2049, second Dec 2056$448,597
New conventional · ends Dec 2056$627,606