Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,456/mo
Lowest payment- Down payment
- $138,998
- Funds due
- $149,143
- Interest + MI left
- $105,384
- First ends
- Jul 2049
Assumption
Assumption + second
$2,234/mo
+$778/mo- Down payment
- $32,998
- Funds due
- $44,416
- Interest + MI left
- $279,388
- First ends
- Jul 2049
New loan
New conventional
$2,482/mo
+$1,026/mo- Down payment
- $32,998
- Funds due
- $41,103
- Interest + MI left
- $450,272
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,902 | $190,902 | $296,902 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,089.29 | $1,089.29 | $2,055.69 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $59.38 |
| Taxes, insurance & HOA | $367.08 | $367.08 | $367.08 |
| Total housing payment | $1,456.37 | $2,234.16 | $2,482.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,998
Closing costs & prepaids$11,418
Usable credit−$0
Total buyer cash needed$44,416
Earnest money paid−$0
Remaining funds due$44,416
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$954.51
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)$651.25
Prepaid interest, first (1 days)$21.97
Prepaid interest, second (1 days)$23.23
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 closing22 yr 8 moOf the original 30-year loan at 4.200%
Interest already paid$64,009Through Nov 2026
Assumption only · ends Jul 2049$105,384
Assumption + second · ends Jul 2049, second Dec 2056$279,388
New conventional · ends Dec 2056$450,272