Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $141,954
- Funds due
- $152,629
- Interest + MI left
- $100,487
- First ends
- Oct 2049
Assumption
Assumption + second
$2,355/mo
+$785/mo- Down payment
- $34,954
- Funds due
- $46,926
- Interest + MI left
- $276,133
- First ends
- Oct 2049
New loan
New conventional
$2,675/mo
+$1,105/mo- Down payment
- $34,954
- Funds due
- $43,555
- Interest + MI left
- $470,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,046 | $203,046 | $310,046 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,103.76 | $1,103.76 | $2,146.70 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $62.01 |
| Taxes, insurance & HOA | $466.58 | $466.58 | $466.58 |
| Total housing payment | $1,570.34 | $2,355.47 | $2,675.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,954
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$46,926
Earnest money paid−$0
Remaining funds due$46,926
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,015.23
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)$949.75
Prepaid interest, first (2 days)$41.94
Prepaid interest, second (2 days)$46.90
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 3.770%
Interest already paid$59,116Through Nov 2026
Assumption only · ends Oct 2049$100,487
Assumption + second · ends Oct 2049, second Dec 2056$276,133
New conventional · ends Dec 2056$470,144