Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,849/mo
Lowest payment- Down payment
- $177,201
- Funds due
- $188,682
- Interest + MI left
- $139,934
- First ends
- Feb 2049
Assumption
Assumption + second
$2,854/mo
+$1,005/mo- Down payment
- $40,201
- Funds due
- $53,082
- Interest + MI left
- $364,826
- First ends
- Feb 2049
New loan
New conventional
$2,992/mo
+$1,142/mo- Down payment
- $40,201
- Funds due
- $49,584
- Interest + MI left
- $524,623
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,799 | $221,799 | $358,799 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,359.90 | $1,359.90 | $2,430.63 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $71.76 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $1,849.07 | $2,854.32 | $2,991.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,201
Closing costs & prepaids$12,881
Usable credit−$0
Total buyer cash needed$53,082
Earnest money paid−$0
Remaining funds due$53,082
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,109.00
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)$1,017.50
Prepaid interest, first (5 days)$146.75
Prepaid interest, second (5 days)$150.14
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 2 moOf the original 30-year loan at 4.83%
Interest already paid$91,330Through Dec 2026
Assumption only · ends Feb 2049$139,934
Assumption + second · ends Feb 2049, second Jan 2057$364,826
New conventional · ends Jan 2057$524,623