Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $235,308
- Funds due
- $245,585
- Interest + MI left
- $52,114
- First ends
- May 2038
Assumption
Assumption + second
$3,181/mo
+$1,446/mo- Down payment
- $38,308
- Funds due
- $49,878
- Interest + MI left
- $375,500
- First ends
- May 2038
New loan
New conventional
$2,744/mo
+$1,009/mo- Down payment
- $38,308
- Funds due
- $46,757
- Interest + MI left
- $510,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,592 | $139,592 | $336,592 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,389.18 | $1,389.18 | $2,330.50 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $67.32 |
| Taxes, insurance & HOA | $346.50 | $346.50 | $346.50 |
| Total housing payment | $1,735.68 | $3,181.19 | $2,744.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,308
Closing costs & prepaids$11,570
Usable credit−$0
Total buyer cash needed$49,878
Earnest money paid−$0
Remaining funds due$49,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$697.96
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)$505.50
Initial HOA (3 months)$84.00
Prepaid interest, first (1 days)$22.22
Prepaid interest, second (1 days)$43.18
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 closing11 yr 6 moOf the original 30-year loan at 5.810%
Interest already paid$211,489Through Nov 2026
Assumption only · ends May 2038$52,114
Assumption + second · ends May 2038, second Dec 2056$375,500
New conventional · ends Dec 2056$510,397