Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,755/mo
Lowest payment- Down payment
- $115,370
- Funds due
- $126,037
- Interest + MI left
- $137,536
- First ends
- May 2049
Assumption
Assumption + second
$2,391/mo
+$636/mo- Down payment
- $36,370
- Funds due
- $48,326
- Interest + MI left
- $287,371
- First ends
- May 2049
New loan
New conventional
$2,645/mo
+$890/mo- Down payment
- $36,370
- Funds due
- $44,731
- Interest + MI left
- $490,742
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,630 | $244,630 | $323,630 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,415.43 | $1,415.43 | $2,240.75 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $64.73 |
| Taxes, insurance & HOA | $339.50 | $339.50 | $339.50 |
| Total housing payment | $1,754.93 | $2,390.58 | $2,644.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,370
Closing costs & prepaids$11,956
Usable credit−$0
Total buyer cash needed$48,326
Earnest money paid−$0
Remaining funds due$48,326
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,223.15
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)$568.50
Prepaid interest, first (2 days)$57.64
Prepaid interest, second (2 days)$38.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 4.300%
Interest already paid$85,999Through Nov 2026
Assumption only · ends May 2049$137,536
Assumption + second · ends May 2049, second Dec 2056$287,371
New conventional · ends Dec 2056$490,742