Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $139,310
- Funds due
- $149,645
- Interest + MI left
- $110,578
- First ends
- Sep 2049
Assumption
Assumption + second
$2,231/mo
+$748/mo- Down payment
- $37,310
- Funds due
- $48,918
- Interest + MI left
- $278,017
- First ends
- Sep 2049
New loan
New conventional
$2,590/mo
+$1,107/mo- Down payment
- $37,310
- Funds due
- $45,394
- Interest + MI left
- $496,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,690 | $225,690 | $327,690 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,227.26 | $1,227.26 | $2,268.86 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $65.54 |
| Taxes, insurance & HOA | $255.17 | $255.17 | $255.17 |
| Total housing payment | $1,482.42 | $2,230.86 | $2,589.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,310
Closing costs & prepaids$11,607
Usable credit−$0
Total buyer cash needed$48,918
Earnest money paid−$0
Remaining funds due$48,918
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,128.45
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)$315.50
Prepaid interest, first (1 days)$23.19
Prepaid interest, second (1 days)$22.36
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 10 moOf the original 30-year loan at 3.750%
Interest already paid$66,234Through Nov 2026
Assumption only · ends Sep 2049$110,578
Assumption + second · ends Sep 2049, second Dec 2056$278,017
New conventional · ends Dec 2056$496,898