Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,934/mo
Lowest payment- Down payment
- $224,605
- Funds due
- $237,249
- Interest + MI left
- $132,706
- First ends
- Aug 2049
Assumption
Assumption + second
$3,240/mo
+$1,306/mo- Down payment
- $46,605
- Funds due
- $60,694
- Interest + MI left
- $424,902
- First ends
- Aug 2049
New loan
New conventional
$3,480/mo
+$1,546/mo- Down payment
- $46,605
- Funds due
- $57,061
- Interest + MI left
- $611,763
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,395 | $240,395 | $418,395 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,371.69 | $1,371.69 | $2,834.35 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $83.68 |
| Taxes, insurance & HOA | $561.92 | $561.92 | $561.92 |
| Total housing payment | $1,933.61 | $3,239.71 | $3,479.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,605
Closing costs & prepaids$14,089
Usable credit−$0
Total buyer cash needed$60,694
Earnest money paid−$0
Remaining funds due$60,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,201.97
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)$1,185.75
Prepaid interest, first (5 days)$138.31
Prepaid interest, second (5 days)$195.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4.2%
Interest already paid$80,604Through Dec 2026
Assumption only · ends Aug 2049$132,706
Assumption + second · ends Aug 2049, second Jan 2057$424,902
New conventional · ends Jan 2057$611,763