Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,284/mo
Lowest payment- Down payment
- $209,624
- Funds due
- $219,874
- Interest + MI left
- $94,215
- First ends
- Apr 2048
Assumption
Assumption + second
$2,531/mo
+$1,247/mo- Down payment
- $39,624
- Funds due
- $51,161
- Interest + MI left
- $373,279
- First ends
- Apr 2048
New loan
New conventional
$2,724/mo
+$1,440/mo- Down payment
- $39,624
- Funds due
- $47,813
- Interest + MI left
- $537,435
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,376 | $184,376 | $354,376 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,084.01 | $1,084.01 | $2,453.63 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $70.88 |
| Taxes, insurance & HOA | $199.58 | $199.58 | $199.58 |
| Total housing payment | $1,283.59 | $2,530.99 | $2,724.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,624
Closing costs & prepaids$11,537
Usable credit−$0
Total buyer cash needed$51,161
Earnest money paid−$0
Remaining funds due$51,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$921.88
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)$148.75
Prepaid interest, first (1 days)$20.96
Prepaid interest, second (1 days)$37.26
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 5 moOf the original 30-year loan at 4.150%
Interest already paid$73,029Through Nov 2026
Assumption only · ends Apr 2048$94,215
Assumption + second · ends Apr 2048, second Dec 2056$373,279
New conventional · ends Dec 2056$537,435