Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $171,958
- Funds due
- $183,190
- Interest + MI left
- $113,153
- First ends
- Aug 2049
Assumption
Assumption + second
$2,652/mo
+$976/mo- Down payment
- $38,958
- Funds due
- $51,586
- Interest + MI left
- $331,479
- First ends
- Aug 2049
New loan
New conventional
$2,890/mo
+$1,214/mo- Down payment
- $38,958
- Funds due
- $48,164
- Interest + MI left
- $505,865
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,970 | $212,970 | $345,970 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,198.98 | $1,198.98 | $2,343.72 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $69.19 |
| Taxes, insurance & HOA | $477.17 | $477.17 | $477.17 |
| Total housing payment | $1,676.15 | $2,652.05 | $2,890.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,958
Closing costs & prepaids$12,628
Usable credit−$0
Total buyer cash needed$51,586
Earnest money paid−$0
Remaining funds due$51,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.28
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,064.85
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)$981.50
Prepaid interest, first (5 days)$118.45
Prepaid interest, second (5 days)$145.75
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 8 moOf the original 30-year loan at 4.06%
Interest already paid$69,150Through Dec 2026
Assumption only · ends Aug 2049$113,153
Assumption + second · ends Aug 2049, second Jan 2057$331,479
New conventional · ends Jan 2057$505,865