Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $238,164
- Funds due
- $252,109
- Interest + MI left
- $155,315
- First ends
- Feb 2048
Assumption
Assumption + second
$3,760/mo
+$1,328/mo- Down payment
- $57,164
- Funds due
- $72,439
- Interest + MI left
- $452,436
- First ends
- Feb 2048
New loan
New conventional
$4,159/mo
+$1,727/mo- Down payment
- $57,164
- Funds due
- $68,246
- Interest + MI left
- $770,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,836 | $326,836 | $507,836 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,890.79 | $1,890.79 | $3,516.15 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $101.57 |
| Taxes, insurance & HOA | $540.92 | $540.92 | $540.92 |
| Total housing payment | $2,431.70 | $3,759.82 | $4,158.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,164
Closing costs & prepaids$15,274
Usable credit−$0
Total buyer cash needed$72,439
Earnest money paid−$0
Remaining funds due$72,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,634.18
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)$1,122.75
Prepaid interest, first (2 days)$70.20
Prepaid interest, second (2 days)$79.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 3 moOf the original 30-year loan at 3.920%
Interest already paid$125,468Through Nov 2026
Assumption only · ends Feb 2048$155,315
Assumption + second · ends Feb 2048, second Dec 2056$452,436
New conventional · ends Dec 2056$770,066