Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $150,202
- Funds due
- $161,217
- Interest + MI left
- $116,685
- First ends
- Dec 2048
Assumption
Assumption + second
$2,582/mo
+$844/mo- Down payment
- $35,202
- Funds due
- $47,619
- Interest + MI left
- $305,463
- First ends
- Dec 2048
New loan
New conventional
$2,719/mo
+$981/mo- Down payment
- $35,202
- Funds due
- $44,315
- Interest + MI left
- $452,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,798 | $194,798 | $309,798 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,179.86 | $1,179.86 | $2,098.68 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $61.96 |
| Taxes, insurance & HOA | $558.25 | $558.25 | $558.25 |
| Total housing payment | $1,738.11 | $2,581.94 | $2,718.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,202
Closing costs & prepaids$12,417
Usable credit−$0
Total buyer cash needed$47,619
Earnest money paid−$0
Remaining funds due$47,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$973.99
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)$1,224.75
Prepaid interest, first (6 days)$148.90
Prepaid interest, second (6 days)$151.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 4.65%
Interest already paid$79,249Through Dec 2026
Assumption only · ends Dec 2048$116,685
Assumption + second · ends Dec 2048, second Jan 2057$305,463
New conventional · ends Jan 2057$452,914