Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $246,172
- Funds due
- $256,674
- Interest + MI left
- $51,473
- First ends
- Jan 2046
Assumption
Assumption + second
$2,668/mo
+$1,469/mo- Down payment
- $41,172
- Funds due
- $53,011
- Interest + MI left
- $375,185
- First ends
- Jan 2046
New loan
New conventional
$2,888/mo
+$1,689/mo- Down payment
- $41,172
- Funds due
- $49,778
- Interest + MI left
- $557,836
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,828 | $162,828 | $367,828 |
| Second mortgage | — | $205,000 | — |
| First P&I | $931.74 | $931.74 | $2,546.77 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $73.57 |
| Taxes, insurance & HOA | $267.75 | $267.75 | $267.75 |
| Total housing payment | $1,199.49 | $2,668.14 | $2,888.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,172
Closing costs & prepaids$11,839
Usable credit−$0
Total buyer cash needed$53,011
Earnest money paid−$0
Remaining funds due$53,011
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$814.14
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)$353.25
Prepaid interest, first (2 days)$26.77
Prepaid interest, second (2 days)$87.05
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 closing19 yr 2 moOf the original 30-year loan at 3.000%
Interest already paid$62,955Through Nov 2026
Assumption only · ends Jan 2046$51,473
Assumption + second · ends Jan 2046, second Dec 2056$375,185
New conventional · ends Dec 2056$557,836