Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,155/mo
Lowest payment- Down payment
- $208,353
- Funds due
- $218,510
- Interest + MI left
- $80,554
- First ends
- Nov 2049
Assumption
Assumption + second
$2,402/mo
+$1,247/mo- Down payment
- $38,353
- Funds due
- $49,797
- Interest + MI left
- $359,618
- First ends
- Nov 2049
New loan
New conventional
$2,668/mo
+$1,513/mo- Down payment
- $38,353
- Funds due
- $46,537
- Interest + MI left
- $515,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,647 | $169,647 | $339,647 |
| Second mortgage | — | $170,000 | — |
| First P&I | $906.53 | $906.53 | $2,351.65 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $67.93 |
| Taxes, insurance & HOA | $248.00 | $248.00 | $248.00 |
| Total housing payment | $1,154.53 | $2,401.93 | $2,667.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,353
Closing costs & prepaids$11,444
Usable credit−$0
Total buyer cash needed$49,797
Earnest money paid−$0
Remaining funds due$49,797
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,780.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$848.23
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)$294.00
Prepaid interest, first (1 days)$16.83
Prepaid interest, second (1 days)$37.26
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 closing23 yrOf the original 30-year loan at 3.620%
Interest already paid$46,895Through Nov 2026
Assumption only · ends Nov 2049$80,554
Assumption + second · ends Nov 2049, second Dec 2056$359,618
New conventional · ends Dec 2056$515,030