Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $256,045
- Funds due
- $267,770
- Interest + MI left
- $97,778
- First ends
- Dec 2049
Assumption
Assumption + second
$2,952/mo
+$1,497/mo- Down payment
- $47,045
- Funds due
- $60,065
- Interest + MI left
- $427,806
- First ends
- Dec 2049
New loan
New conventional
$3,325/mo
+$1,870/mo- Down payment
- $47,045
- Funds due
- $56,526
- Interest + MI left
- $633,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,955 | $208,955 | $417,955 |
| Second mortgage | — | $209,000 | — |
| First P&I | $1,107.34 | $1,107.34 | $2,893.84 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $83.59 |
| Taxes, insurance & HOA | $347.25 | $347.25 | $347.25 |
| Total housing payment | $1,454.59 | $2,951.89 | $3,324.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,045
Closing costs & prepaids$13,019
Usable credit−$0
Total buyer cash needed$60,065
Earnest money paid−$0
Remaining funds due$60,065
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%)$1,044.77
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)$418.75
Initial HOA (3 months)$123.00
Prepaid interest, first (1 days)$20.38
Prepaid interest, second (1 days)$44.38
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 yr 1 moOf the original 30-year loan at 3.560%
Interest already paid$56,095Through Nov 2026
Assumption only · ends Dec 2049$97,778
Assumption + second · ends Dec 2049, second Dec 2056$427,806
New conventional · ends Dec 2056$633,773