Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,196/mo
Lowest payment- Down payment
- $205,716
- Funds due
- $215,710
- Interest + MI left
- $64,877
- First ends
- Mar 2047
Assumption
Assumption + second
$2,451/mo
+$1,255/mo- Down payment
- $34,716
- Funds due
- $45,998
- Interest + MI left
- $345,582
- First ends
- Mar 2047
New loan
New conventional
$2,554/mo
+$1,358/mo- Down payment
- $34,716
- Funds due
- $42,945
- Interest + MI left
- $462,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,184 | $134,184 | $305,184 |
| Second mortgage | — | $171,000 | — |
| First P&I | $815.82 | $815.82 | $2,113.03 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $61.04 |
| Taxes, insurance & HOA | $380.17 | $380.17 | $380.17 |
| Total housing payment | $1,195.99 | $2,450.73 | $2,554.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,716
Closing costs & prepaids$11,281
Usable credit−$0
Total buyer cash needed$45,998
Earnest money paid−$0
Remaining funds due$45,998
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$670.92
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)$690.50
Prepaid interest, first (1 days)$15.29
Prepaid interest, second (1 days)$37.48
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 closing20 yr 4 moOf the original 30-year loan at 4.160%
Interest already paid$61,191Through Nov 2026
Assumption only · ends Mar 2047$64,877
Assumption + second · ends Mar 2047, second Dec 2056$345,582
New conventional · ends Dec 2056$462,771