Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $160,731
- Funds due
- $172,301
- Interest + MI left
- $117,952
- First ends
- Jun 2047
Assumption
Assumption + second
$2,822/mo
+$881/mo- Down payment
- $40,731
- Funds due
- $53,682
- Interest + MI left
- $314,938
- First ends
- Jun 2047
New loan
New conventional
$2,995/mo
+$1,053/mo- Down payment
- $40,731
- Funds due
- $50,121
- Interest + MI left
- $525,093
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,169 | $239,169 | $359,169 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,451.71 | $1,451.71 | $2,433.14 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $71.83 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,941.63 | $2,822.15 | $2,994.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,731
Closing costs & prepaids$12,952
Usable credit−$0
Total buyer cash needed$53,682
Earnest money paid−$0
Remaining funds due$53,682
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,195.85
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)$1,019.75
Prepaid interest, first (5 days)$137.60
Prepaid interest, second (5 days)$131.51
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 closing20 yr 6 moOf the original 30-year loan at 4.2%
Interest already paid$107,801Through Dec 2026
Assumption only · ends Jun 2047$117,952
Assumption + second · ends Jun 2047, second Jan 2057$314,938
New conventional · ends Jan 2057$525,093