Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$781/mo
Lowest payment- Down payment
- $191,751
- Funds due
- $200,565
- Interest + MI left
- $42,381
- First ends
- Jul 2048
Assumption
Assumption + second
$1,985/mo
+$1,203/mo- Down payment
- $27,751
- Funds due
- $37,851
- Interest + MI left
- $311,595
- First ends
- Jul 2048
New loan
New conventional
$2,036/mo
+$1,255/mo- Down payment
- $27,751
- Funds due
- $35,152
- Interest + MI left
- $364,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,249 | $76,249 | $240,249 |
| Second mortgage | — | $164,000 | — |
| First P&I | $456.27 | $456.27 | $1,663.44 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $48.05 |
| Taxes, insurance & HOA | $324.92 | $324.92 | $324.92 |
| Total housing payment | $781.18 | $1,984.56 | $2,036.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,751
Closing costs & prepaids$10,099
Usable credit−$0
Total buyer cash needed$37,851
Earnest money paid−$0
Remaining funds due$37,851
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$381.24
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)$524.75
Prepaid interest, first (1 days)$9.23
Prepaid interest, second (1 days)$35.95
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 closing21 yr 8 moOf the original 30-year loan at 4.420%
Interest already paid$30,975Through Nov 2026
Assumption only · ends Jul 2048$42,381
Assumption + second · ends Jul 2048, second Dec 2056$311,595
New conventional · ends Dec 2056$364,258