Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,913/mo
Lowest payment- Down payment
- $66,373
- Funds due
- $77,214
- Interest + MI left
- $151,831
- First ends
- Oct 2049
Assumption
Assumption + second
$2,139/mo
+$225/mo- Down payment
- $38,373
- Funds due
- $50,478
- Interest + MI left
- $204,937
- First ends
- Oct 2049
New loan
New conventional
$2,637/mo
+$724/mo- Down payment
- $38,373
- Funds due
- $46,568
- Interest + MI left
- $510,450
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,627 | $308,627 | $336,627 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,674.39 | $1,674.39 | $2,330.74 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $67.33 |
| Taxes, insurance & HOA | $238.92 | $238.92 | $238.92 |
| Total housing payment | $1,913.31 | $2,138.61 | $2,636.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,373
Closing costs & prepaids$12,105
Usable credit−$0
Total buyer cash needed$50,478
Earnest money paid−$0
Remaining funds due$50,478
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%)$1,543.14
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)$266.75
Prepaid interest, first (2 days)$63.42
Prepaid interest, second (2 days)$13.81
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 3.750%
Interest already paid$89,401Through Nov 2026
Assumption only · ends Oct 2049$151,831
Assumption + second · ends Oct 2049, second Dec 2056$204,937
New conventional · ends Dec 2056$510,450