Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$852/mo
Lowest payment- Down payment
- $266,808
- Funds due
- $276,601
- Interest + MI left
- $41,925
- First ends
- Nov 2047
Assumption
Assumption + second
$2,500/mo
+$1,648/mo- Down payment
- $36,808
- Funds due
- $47,899
- Interest + MI left
- $405,114
- First ends
- Nov 2047
New loan
New conventional
$2,618/mo
+$1,766/mo- Down payment
- $36,808
- Funds due
- $45,029
- Interest + MI left
- $489,926
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,092 | $93,092 | $323,092 |
| Second mortgage | — | $230,000 | — |
| First P&I | $535.78 | $535.78 | $2,237.02 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $64.62 |
| Taxes, insurance & HOA | $316.67 | $316.67 | $316.67 |
| Total housing payment | $852.45 | $2,500.19 | $2,618.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,808
Closing costs & prepaids$11,091
Usable credit−$0
Total buyer cash needed$47,899
Earnest money paid−$0
Remaining funds due$47,899
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$465.46
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$347.00
Initial HOA (3 months)$153.00
Prepaid interest, first (1 days)$9.64
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 closing21 yrOf the original 30-year loan at 3.780%
Interest already paid$35,690Through Nov 2026
Assumption only · ends Nov 2047$41,925
Assumption + second · ends Nov 2047, second Dec 2056$405,114
New conventional · ends Dec 2056$489,926