Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $198,122
- Funds due
- $210,017
- Interest + MI left
- $107,773
- First ends
- Dec 2047
Assumption
Assumption + second
$3,000/mo
+$1,137/mo- Down payment
- $43,122
- Funds due
- $56,437
- Interest + MI left
- $362,214
- First ends
- Dec 2047
New loan
New conventional
$3,213/mo
+$1,350/mo- Down payment
- $43,122
- Funds due
- $52,891
- Interest + MI left
- $565,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,778 | $231,778 | $386,778 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,347.43 | $1,347.43 | $2,620.17 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $77.36 |
| Taxes, insurance & HOA | $515.42 | $515.42 | $515.42 |
| Total housing payment | $1,862.84 | $3,000.18 | $3,212.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,122
Closing costs & prepaids$13,316
Usable credit−$0
Total buyer cash needed$56,437
Earnest money paid−$0
Remaining funds due$56,437
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,158.89
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)$1,096.25
Prepaid interest, first (5 days)$123.51
Prepaid interest, second (5 days)$169.86
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 closing21 yrOf the original 30-year loan at 3.89%
Interest already paid$91,280Through Dec 2026
Assumption only · ends Dec 2047$107,773
Assumption + second · ends Dec 2047, second Jan 2057$362,214
New conventional · ends Jan 2057$565,533