Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,118/mo
Lowest payment- Down payment
- $249,398
- Funds due
- $259,359
- Interest + MI left
- $46,191
- First ends
- Sep 2043
Assumption
Assumption + second
$2,636/mo
+$1,519/mo- Down payment
- $37,398
- Funds due
- $48,654
- Interest + MI left
- $380,956
- First ends
- Sep 2043
New loan
New conventional
$2,661/mo
+$1,544/mo- Down payment
- $37,398
- Funds due
- $45,642
- Interest + MI left
- $504,347
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,602 | $120,602 | $332,602 |
| Second mortgage | — | $212,000 | — |
| First P&I | $825.70 | $825.70 | $2,302.87 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $66.52 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,117.70 | $2,636.50 | $2,661.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,398
Closing costs & prepaids$11,255
Usable credit−$0
Total buyer cash needed$48,654
Earnest money paid−$0
Remaining funds due$48,654
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$603.01
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)$426.00
Prepaid interest, first (1 days)$13.45
Prepaid interest, second (1 days)$45.01
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 closing16 yr 10 moOf the original 30-year loan at 4.070%
Interest already paid$79,563Through Nov 2026
Assumption only · ends Sep 2043$46,191
Assumption + second · ends Sep 2043, second Dec 2056$380,956
New conventional · ends Dec 2056$504,347