Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $127,366
- Funds due
- $138,179
- Interest + MI left
- $84,834
- First ends
- Nov 2049
Assumption
Assumption + second
$2,305/mo
+$740/mo- Down payment
- $35,366
- Funds due
- $47,542
- Interest + MI left
- $259,325
- First ends
- Nov 2049
New loan
New conventional
$2,641/mo
+$1,076/mo- Down payment
- $35,366
- Funds due
- $44,138
- Interest + MI left
- $459,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,534 | $222,534 | $314,534 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,117.70 | $1,117.70 | $2,130.76 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $62.91 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,565.12 | $2,305.37 | $2,641.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,366
Closing costs & prepaids$12,176
Usable credit−$0
Total buyer cash needed$47,542
Earnest money paid−$0
Remaining funds due$47,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,112.67
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)$892.25
Prepaid interest, first (5 days)$90.84
Prepaid interest, second (5 days)$113.42
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 closing22 yr 11 moOf the original 29-year loan at 2.98%
Interest already paid$43,907Through Dec 2026
Assumption only · ends Nov 2049$84,834
Assumption + second · ends Nov 2049, second Jan 2057$259,325
New conventional · ends Jan 2057$459,901