Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $131,713
- Funds due
- $142,022
- Interest + MI left
- $86,275
- First ends
- Jul 2049
Assumption
Assumption + second
$2,261/mo
+$748/mo- Down payment
- $29,713
- Funds due
- $41,295
- Interest + MI left
- $253,714
- First ends
- Jul 2049
New loan
New conventional
$2,460/mo
+$948/mo- Down payment
- $29,713
- Funds due
- $38,185
- Interest + MI left
- $391,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,287 | $156,287 | $258,287 |
| Second mortgage | — | $102,000 | — |
| First P&I | $891.77 | $891.77 | $1,788.33 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $51.66 |
| Taxes, insurance & HOA | $620.50 | $620.50 | $620.50 |
| Total housing payment | $1,512.27 | $2,260.71 | $2,460.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,713
Closing costs & prepaids$11,581
Usable credit−$0
Total buyer cash needed$41,295
Earnest money paid−$0
Remaining funds due$41,295
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$781.43
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)$1,411.50
Prepaid interest, first (1 days)$17.98
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 8 moOf the original 30-year loan at 4.200%
Interest already paid$52,403Through Nov 2026
Assumption only · ends Jul 2049$86,275
Assumption + second · ends Jul 2049, second Dec 2056$253,714
New conventional · ends Dec 2056$391,606