Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $240,650
- Funds due
- $250,832
- Interest + MI left
- $66,259
- First ends
- Dec 2047
Assumption
Assumption + second
$2,555/mo
+$1,447/mo- Down payment
- $38,650
- Funds due
- $50,125
- Interest + MI left
- $385,234
- First ends
- Dec 2047
New loan
New conventional
$2,743/mo
+$1,635/mo- Down payment
- $38,650
- Funds due
- $46,986
- Interest + MI left
- $525,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,350 | $144,350 | $346,350 |
| Second mortgage | — | $202,000 | — |
| First P&I | $832.45 | $832.45 | $2,398.06 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $69.27 |
| Taxes, insurance & HOA | $275.83 | $275.83 | $275.83 |
| Total housing payment | $1,108.28 | $2,555.43 | $2,743.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,650
Closing costs & prepaids$11,475
Usable credit−$0
Total buyer cash needed$50,125
Earnest money paid−$0
Remaining funds due$50,125
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$721.75
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)$377.50
Prepaid interest, first (1 days)$15.15
Prepaid interest, second (1 days)$42.89
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 closing21 yr 1 moOf the original 30-year loan at 3.830%
Interest already paid$55,422Through Nov 2026
Assumption only · ends Dec 2047$66,259
Assumption + second · ends Dec 2047, second Dec 2056$385,234
New conventional · ends Dec 2056$525,263