Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,332/mo
Lowest payment- Down payment
- $200,851
- Funds due
- $211,168
- Interest + MI left
- $108,854
- First ends
- May 2049
Assumption
Assumption + second
$2,513/mo
+$1,181/mo- Down payment
- $39,851
- Funds due
- $51,453
- Interest + MI left
- $373,144
- First ends
- May 2049
New loan
New conventional
$2,719/mo
+$1,387/mo- Down payment
- $39,851
- Funds due
- $48,084
- Interest + MI left
- $529,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,149 | $188,149 | $349,149 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,100.01 | $1,100.01 | $2,417.44 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $69.83 |
| Taxes, insurance & HOA | $231.83 | $231.83 | $231.83 |
| Total housing payment | $1,331.84 | $2,513.21 | $2,719.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,851
Closing costs & prepaids$11,602
Usable credit−$0
Total buyer cash needed$51,453
Earnest money paid−$0
Remaining funds due$51,453
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$940.75
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)$245.50
Prepaid interest, first (1 days)$22.73
Prepaid interest, second (1 days)$35.29
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 closing22 yr 6 moOf the original 30-year loan at 4.410%
Interest already paid$67,741Through Nov 2026
Assumption only · ends May 2049$108,854
Assumption + second · ends May 2049, second Dec 2056$373,144
New conventional · ends Dec 2056$529,438