Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,164/mo
Lowest payment- Down payment
- $213,684
- Funds due
- $222,931
- Interest + MI left
- $33,891
- First ends
- Apr 2039
Assumption
Assumption + second
$2,500/mo
+$1,335/mo- Down payment
- $31,684
- Funds due
- $42,261
- Interest + MI left
- $332,654
- First ends
- Apr 2039
New loan
New conventional
$2,273/mo
+$1,109/mo- Down payment
- $31,684
- Funds due
- $39,426
- Interest + MI left
- $422,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,316 | $96,316 | $278,316 |
| Second mortgage | — | $182,000 | — |
| First P&I | $873.88 | $873.88 | $1,927.00 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $55.66 |
| Taxes, insurance & HOA | $290.33 | $290.33 | $290.33 |
| Total housing payment | $1,164.21 | $2,499.66 | $2,273.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,684
Closing costs & prepaids$10,577
Usable credit−$0
Total buyer cash needed$42,261
Earnest money paid−$0
Remaining funds due$42,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$481.58
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)$421.00
Prepaid interest, first (2 days)$26.92
Prepaid interest, second (2 days)$79.78
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 closing12 yr 5 moOf the original 30-year loan at 5.100%
Interest already paid$119,755Through Nov 2026
Assumption only · ends Apr 2039$33,891
Assumption + second · ends Apr 2039, second Dec 2056$332,654
New conventional · ends Dec 2056$422,029