Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $286,383
- Funds due
- $296,266
- Interest + MI left
- $29,757
- First ends
- Apr 2039
Assumption
Assumption + second
$2,871/mo
+$1,784/mo- Down payment
- $37,383
- Funds due
- $48,569
- Interest + MI left
- $422,949
- First ends
- Apr 2039
New loan
New conventional
$2,696/mo
+$1,608/mo- Down payment
- $37,383
- Funds due
- $45,741
- Interest + MI left
- $502,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,617 | $82,617 | $331,617 |
| Second mortgage | — | $249,000 | — |
| First P&I | $754.19 | $754.19 | $2,296.05 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | — | — | $66.32 |
| Taxes, insurance & HOA | $333.33 | $333.33 | $333.33 |
| Total housing payment | $1,087.52 | $2,871.39 | $2,695.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,383
Closing costs & prepaids$11,186
Usable credit−$0
Total buyer cash needed$48,569
Earnest money paid−$0
Remaining funds due$48,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$413.08
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)$550.00
Prepaid interest, first (1 days)$11.79
Prepaid interest, second (1 days)$52.87
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 closing12 yr 5 moOf the original 30-year loan at 5.210%
Interest already paid$104,558Through Nov 2026
Assumption only · ends Apr 2039$29,757
Assumption + second · ends Apr 2039, second Dec 2056$422,949
New conventional · ends Dec 2056$502,853