Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,502/mo
Lowest payment- Down payment
- $170,829
- Funds due
- $181,353
- Interest + MI left
- $101,232
- First ends
- Apr 2048
Assumption
Assumption + second
$2,478/mo
+$976/mo- Down payment
- $37,829
- Funds due
- $49,662
- Interest + MI left
- $319,558
- First ends
- Apr 2048
New loan
New conventional
$2,715/mo
+$1,214/mo- Down payment
- $37,829
- Funds due
- $46,253
- Interest + MI left
- $511,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,171 | $204,171 | $337,171 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,188.34 | $1,188.34 | $2,334.50 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $67.43 |
| Taxes, insurance & HOA | $313.50 | $313.50 | $313.50 |
| Total housing payment | $1,501.84 | $2,477.75 | $2,715.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,829
Closing costs & prepaids$11,833
Usable credit−$0
Total buyer cash needed$49,662
Earnest money paid−$0
Remaining funds due$49,662
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,020.86
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)$490.50
Prepaid interest, first (2 days)$45.20
Prepaid interest, second (2 days)$58.30
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 closing21 yr 5 moOf the original 30-year loan at 4.040%
Interest already paid$78,857Through Nov 2026
Assumption only · ends Apr 2048$101,232
Assumption + second · ends Apr 2048, second Dec 2056$319,558
New conventional · ends Dec 2056$511,343