Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $108,401
- Funds due
- $118,450
- Interest + MI left
- $93,336
- First ends
- Apr 2047
Assumption
Assumption + second
$2,200/mo
+$628/mo- Down payment
- $30,401
- Funds due
- $41,796
- Interest + MI left
- $241,274
- First ends
- Apr 2047
New loan
New conventional
$2,284/mo
+$712/mo- Down payment
- $30,401
- Funds due
- $38,551
- Interest + MI left
- $394,052
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,499 | $191,499 | $269,499 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,167.36 | $1,167.36 | $1,825.68 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $53.90 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,572.27 | $2,199.88 | $2,284.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,401
Closing costs & prepaids$11,395
Usable credit−$0
Total buyer cash needed$41,796
Earnest money paid−$0
Remaining funds due$41,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$957.50
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)$764.75
Prepaid interest, first (5 days)$109.92
Prepaid interest, second (5 days)$96.16
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 closing20 yr 4 moOf the original 30-year loan at 4.19%
Interest already paid$87,913Through Dec 2026
Assumption only · ends Apr 2047$93,336
Assumption + second · ends Apr 2047, second Jan 2057$241,274
New conventional · ends Jan 2057$394,052