Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $239,947
- Funds due
- $252,748
- Interest + MI left
- $130,380
- First ends
- Aug 2049
Assumption
Assumption + second
$3,338/mo
+$1,401/mo- Down payment
- $48,947
- Funds due
- $63,165
- Interest + MI left
- $443,917
- First ends
- Aug 2049
New loan
New conventional
$3,561/mo
+$1,624/mo- Down payment
- $48,947
- Funds due
- $59,492
- Interest + MI left
- $622,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,053 | $240,053 | $431,053 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,361.89 | $1,361.89 | $2,899.72 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $86.21 |
| Taxes, insurance & HOA | $574.67 | $574.67 | $574.67 |
| Total housing payment | $1,936.55 | $3,338.05 | $3,560.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,947
Closing costs & prepaids$14,219
Usable credit−$0
Total buyer cash needed$63,165
Earnest money paid−$0
Remaining funds due$63,165
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,200.27
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)$1,224.00
Prepaid interest, first (4 days)$108.91
Prepaid interest, second (4 days)$167.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4.14%
Interest already paid$79,399Through Dec 2026
Assumption only · ends Aug 2049$130,380
Assumption + second · ends Aug 2049, second Jan 2057$443,917
New conventional · ends Jan 2057$622,761