Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,828/mo
Lowest payment- Down payment
- $173,765
- Funds due
- $185,244
- Interest + MI left
- $89,745
- First ends
- Aug 2046
Assumption
Assumption + second
$2,804/mo
+$976/mo- Down payment
- $40,765
- Funds due
- $53,640
- Interest + MI left
- $308,072
- First ends
- Aug 2046
New loan
New conventional
$2,995/mo
+$1,166/mo- Down payment
- $40,765
- Funds due
- $50,154
- Interest + MI left
- $525,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,135 | $226,135 | $359,135 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,338.48 | $1,338.48 | $2,432.91 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $71.83 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,828.39 | $2,804.30 | $2,994.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,765
Closing costs & prepaids$12,875
Usable credit−$0
Total buyer cash needed$53,640
Earnest money paid−$0
Remaining funds due$53,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,130.68
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)$1,019.75
Prepaid interest, first (5 days)$111.52
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 closing19 yr 8 moOf the original 30-year loan at 3.6%
Interest already paid$97,706Through Dec 2026
Assumption only · ends Aug 2046$89,745
Assumption + second · ends Aug 2046, second Jan 2057$308,072
New conventional · ends Jan 2057$525,043