Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,899/mo
Lowest payment- Down payment
- $233,325
- Funds due
- $245,204
- Interest + MI left
- $56,060
- First ends
- Jan 2043
Assumption
Assumption + second
$3,300/mo
+$1,401/mo- Down payment
- $42,325
- Funds due
- $55,537
- Interest + MI left
- $369,596
- First ends
- Jan 2043
New loan
New conventional
$3,338/mo
+$1,439/mo- Down payment
- $42,325
- Funds due
- $52,172
- Interest + MI left
- $572,770
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,675 | $186,675 | $377,675 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,251.21 | $1,251.21 | $2,614.95 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $75.54 |
| Taxes, insurance & HOA | $647.50 | $647.50 | $647.50 |
| Total housing payment | $1,898.71 | $3,300.20 | $3,337.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,325
Closing costs & prepaids$13,212
Usable credit−$0
Total buyer cash needed$55,537
Earnest money paid−$0
Remaining funds due$55,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$933.38
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)$1,492.50
Prepaid interest, first (2 days)$34.68
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 closing16 yr 2 moOf the original 30-year loan at 3.390%
Interest already paid$111,889Through Nov 2026
Assumption only · ends Jan 2043$56,060
Assumption + second · ends Jan 2043, second Dec 2056$369,596
New conventional · ends Dec 2056$572,770