Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,650/mo
Lowest payment- Down payment
- $170,318
- Funds due
- $181,280
- Interest + MI left
- $126,792
- First ends
- Jul 2049
Assumption
Assumption + second
$2,604/mo
+$954/mo- Down payment
- $40,318
- Funds due
- $52,558
- Interest + MI left
- $340,194
- First ends
- Jul 2049
New loan
New conventional
$2,902/mo
+$1,252/mo- Down payment
- $40,318
- Funds due
- $48,982
- Interest + MI left
- $545,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,682 | $229,682 | $359,682 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,310.57 | $1,310.57 | $2,490.37 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $71.94 |
| Taxes, insurance & HOA | $339.75 | $339.75 | $339.75 |
| Total housing payment | $1,650.32 | $2,604.21 | $2,902.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,318
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$52,558
Earnest money paid−$0
Remaining funds due$52,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,148.41
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)$569.25
Prepaid interest, first (1 days)$26.43
Prepaid interest, second (1 days)$28.49
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 8 moOf the original 30-year loan at 4.200%
Interest already paid$77,012Through Nov 2026
Assumption only · ends Jul 2049$126,792
Assumption + second · ends Jul 2049, second Dec 2056$340,194
New conventional · ends Dec 2056$545,482