Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $71,984
- Funds due
- $82,353
- Interest + MI left
- $125,921
- First ends
- Oct 2049
Assumption
Assumption + second
$2,000/mo
+$298/mo- Down payment
- $34,984
- Funds due
- $46,621
- Interest + MI left
- $196,097
- First ends
- Oct 2049
New loan
New conventional
$2,442/mo
+$740/mo- Down payment
- $34,984
- Funds due
- $42,941
- Interest + MI left
- $462,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,916 | $267,916 | $304,916 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,432.13 | $1,432.13 | $2,111.18 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $60.98 |
| Taxes, insurance & HOA | $269.75 | $269.75 | $269.75 |
| Total housing payment | $1,701.88 | $1,999.59 | $2,441.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,984
Closing costs & prepaids$11,637
Usable credit−$0
Total buyer cash needed$46,621
Earnest money paid−$0
Remaining funds due$46,621
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,339.58
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)$359.25
Prepaid interest, first (2 days)$52.85
Prepaid interest, second (2 days)$18.25
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 11 moOf the original 30-year loan at 3.600%
Interest already paid$74,647Through Nov 2026
Assumption only · ends Oct 2049$125,921
Assumption + second · ends Oct 2049, second Dec 2056$196,097
New conventional · ends Dec 2056$462,304