Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $221,438
- Funds due
- $233,003
- Interest + MI left
- $112,550
- First ends
- Jan 2048
Assumption
Assumption + second
$2,926/mo
+$1,284/mo- Down payment
- $46,438
- Funds due
- $59,291
- Interest + MI left
- $399,822
- First ends
- Jan 2048
New loan
New conventional
$3,206/mo
+$1,564/mo- Down payment
- $46,438
- Funds due
- $55,611
- Interest + MI left
- $627,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,562 | $238,562 | $413,562 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,382.33 | $1,382.33 | $2,863.42 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $82.71 |
| Taxes, insurance & HOA | $259.58 | $259.58 | $259.58 |
| Total housing payment | $1,641.91 | $2,926.00 | $3,205.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,438
Closing costs & prepaids$12,853
Usable credit−$0
Total buyer cash needed$59,291
Earnest money paid−$0
Remaining funds due$59,291
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,192.81
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$278.75
Prepaid interest, first (1 days)$25.56
Prepaid interest, second (1 days)$38.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing21 yr 2 moOf the original 30-year loan at 3.910%
Interest already paid$92,372Through Nov 2026
Assumption only · ends Jan 2048$112,550
Assumption + second · ends Jan 2048, second Dec 2056$399,822
New conventional · ends Dec 2056$627,195