Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,695/mo
Lowest payment- Down payment
- $171,481
- Funds due
- $182,700
- Interest + MI left
- $113,875
- First ends
- Aug 2049
Assumption
Assumption + second
$2,663/mo
+$969/mo- Down payment
- $39,481
- Funds due
- $52,008
- Interest + MI left
- $330,560
- First ends
- Aug 2049
New loan
New conventional
$2,957/mo
+$1,262/mo- Down payment
- $39,481
- Funds due
- $48,538
- Interest + MI left
- $523,825
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,447 | $213,447 | $345,447 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,198.98 | $1,198.98 | $2,391.81 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $69.09 |
| Taxes, insurance & HOA | $495.67 | $495.67 | $495.67 |
| Total housing payment | $1,694.65 | $2,663.22 | $2,956.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,481
Closing costs & prepaids$12,527
Usable credit−$0
Total buyer cash needed$52,008
Earnest money paid−$0
Remaining funds due$52,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.28
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,067.23
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)$1,037.00
Prepaid interest, first (2 days)$47.48
Prepaid interest, second (2 days)$57.86
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 closing22 yr 9 moOf the original 30-year loan at 4.060%
Interest already paid$68,428Through Nov 2026
Assumption only · ends Aug 2049$113,875
Assumption + second · ends Aug 2049, second Dec 2056$330,560
New conventional · ends Dec 2056$523,825