Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $239,415
- Funds due
- $251,938
- Interest + MI left
- $131,210
- First ends
- Aug 2049
Assumption
Assumption + second
$3,263/mo
+$1,401/mo- Down payment
- $48,415
- Funds due
- $62,272
- Interest + MI left
- $444,747
- First ends
- Aug 2049
New loan
New conventional
$3,574/mo
+$1,713/mo- Down payment
- $48,415
- Funds due
- $58,578
- Interest + MI left
- $654,528
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,585 | $240,585 | $431,585 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,361.89 | $1,361.89 | $2,988.21 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $86.32 |
| Taxes, insurance & HOA | $499.17 | $499.17 | $499.17 |
| Total housing payment | $1,861.05 | $3,262.55 | $3,573.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,415
Closing costs & prepaids$13,857
Usable credit−$0
Total buyer cash needed$62,272
Earnest money paid−$0
Remaining funds due$62,272
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,202.93
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$997.50
Prepaid interest, first (2 days)$54.58
Prepaid interest, second (2 days)$83.73
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 9 moOf the original 30-year loan at 4.140%
Interest already paid$78,569Through Nov 2026
Assumption only · ends Aug 2049$131,210
Assumption + second · ends Aug 2049, second Dec 2056$444,747
New conventional · ends Dec 2056$654,528