Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $183,182
- Funds due
- $193,943
- Interest + MI left
- $57,503
- First ends
- Feb 2048
Assumption
Assumption + second
$2,473/mo
+$1,071/mo- Down payment
- $37,182
- Funds due
- $49,321
- Interest + MI left
- $297,169
- First ends
- Feb 2048
New loan
New conventional
$2,730/mo
+$1,328/mo- Down payment
- $37,182
- Funds due
- $46,070
- Interest + MI left
- $473,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,718 | $181,718 | $327,718 |
| Second mortgage | — | $146,000 | — |
| First P&I | $941.81 | $941.81 | $2,204.58 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $65.54 |
| Taxes, insurance & HOA | $460.17 | $460.17 | $460.17 |
| Total housing payment | $1,401.98 | $2,473.28 | $2,730.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,182
Closing costs & prepaids$12,138
Usable credit−$0
Total buyer cash needed$49,321
Earnest money paid−$0
Remaining funds due$49,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$908.59
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)$930.50
Prepaid interest, first (4 days)$54.17
Prepaid interest, second (4 days)$128.00
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 closing21 yr 2 moOf the original 27-year loan at 2.72%
Interest already paid$31,662Through Dec 2026
Assumption only · ends Feb 2048$57,503
Assumption + second · ends Feb 2048, second Jan 2057$297,169
New conventional · ends Jan 2057$473,468