Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,235/mo
Lowest payment- Down payment
- $244,183
- Funds due
- $254,703
- Interest + MI left
- $46,438
- First ends
- Aug 2045
Assumption
Assumption + second
$2,718/mo
+$1,483/mo- Down payment
- $37,183
- Funds due
- $49,041
- Interest + MI left
- $373,308
- First ends
- Aug 2045
New loan
New conventional
$2,826/mo
+$1,592/mo- Down payment
- $37,183
- Funds due
- $46,043
- Interest + MI left
- $496,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,717 | $120,717 | $327,717 |
| Second mortgage | — | $207,000 | — |
| First P&I | $742.91 | $742.91 | $2,269.05 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $65.54 |
| Taxes, insurance & HOA | $491.75 | $491.75 | $491.75 |
| Total housing payment | $1,234.66 | $2,717.64 | $2,826.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,183
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$49,041
Earnest money paid−$0
Remaining funds due$49,041
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$603.59
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)$1,025.25
Prepaid interest, first (2 days)$24.28
Prepaid interest, second (2 days)$87.90
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 closing18 yr 9 moOf the original 30-year loan at 3.670%
Interest already paid$59,010Through Nov 2026
Assumption only · ends Aug 2045$46,438
Assumption + second · ends Aug 2045, second Dec 2056$373,308
New conventional · ends Dec 2056$496,939