Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,604/mo
Lowest payment- Down payment
- $304,779
- Funds due
- $317,291
- Interest + MI left
- $53,589
- First ends
- Dec 2045
Assumption
Assumption + second
$3,438/mo
+$1,834/mo- Down payment
- $48,779
- Funds due
- $62,759
- Interest + MI left
- $457,834
- First ends
- Dec 2045
New loan
New conventional
$3,601/mo
+$1,996/mo- Down payment
- $48,779
- Funds due
- $59,393
- Interest + MI left
- $630,314
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,221 | $180,221 | $436,221 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,025.48 | $1,025.48 | $2,934.49 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $87.24 |
| Taxes, insurance & HOA | $578.92 | $578.92 | $578.92 |
| Total housing payment | $1,604.40 | $3,438.41 | $3,600.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,779
Closing costs & prepaids$13,980
Usable credit−$0
Total buyer cash needed$62,759
Earnest money paid−$0
Remaining funds due$62,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$901.11
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)$1,236.75
Prepaid interest, first (4 days)$56.49
Prepaid interest, second (4 days)$217.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing19 yrOf the original 25-year loan at 2.86%
Interest already paid$34,449Through Dec 2026
Assumption only · ends Dec 2045$53,589
Assumption + second · ends Dec 2045, second Jan 2057$457,834
New conventional · ends Jan 2057$630,314