Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,396/mo
Lowest payment- Down payment
- $211,805
- Funds due
- $222,692
- Interest + MI left
- $101,328
- First ends
- Dec 2049
Assumption
Assumption + second
$2,636/mo
+$1,240/mo- Down payment
- $42,805
- Funds due
- $54,979
- Interest + MI left
- $378,750
- First ends
- Dec 2049
New loan
New conventional
$2,983/mo
+$1,587/mo- Down payment
- $42,805
- Funds due
- $51,461
- Interest + MI left
- $579,624
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,195 | $213,195 | $382,195 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,135.46 | $1,135.46 | $2,646.24 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $76.44 |
| Taxes, insurance & HOA | $260.50 | $260.50 | $260.50 |
| Total housing payment | $1,395.96 | $2,636.02 | $2,983.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,805
Closing costs & prepaids$12,174
Usable credit−$0
Total buyer cash needed$54,979
Earnest money paid−$0
Remaining funds due$54,979
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,065.97
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)$331.50
Prepaid interest, first (1 days)$21.09
Prepaid interest, second (1 days)$37.04
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 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$58,000Through Nov 2026
Assumption only · ends Dec 2049$101,328
Assumption + second · ends Dec 2049, second Dec 2056$378,750
New conventional · ends Dec 2056$579,624