Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $181,353
- Funds due
- $191,430
- Interest + MI left
- $61,520
- First ends
- Mar 2046
Assumption
Assumption + second
$2,400/mo
+$1,086/mo- Down payment
- $33,353
- Funds due
- $44,810
- Interest + MI left
- $304,470
- First ends
- Mar 2046
New loan
New conventional
$2,447/mo
+$1,132/mo- Down payment
- $33,353
- Funds due
- $41,750
- Interest + MI left
- $421,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,647 | $143,647 | $291,647 |
| Second mortgage | — | $148,000 | — |
| First P&I | $888.17 | $888.17 | $1,961.93 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $58.33 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $1,314.42 | $2,400.39 | $2,446.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,353
Closing costs & prepaids$11,457
Usable credit−$0
Total buyer cash needed$44,810
Earnest money paid−$0
Remaining funds due$44,810
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$718.23
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)$828.75
Prepaid interest, first (4 days)$62.02
Prepaid interest, second (4 days)$129.75
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 closing19 yr 3 moOf the original 30-year loan at 3.94%
Interest already paid$70,828Through Dec 2026
Assumption only · ends Mar 2046$61,520
Assumption + second · ends Mar 2046, second Jan 2057$304,470
New conventional · ends Jan 2057$421,355