Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$498/mo
Lowest payment- Down payment
- $208,606
- Funds due
- $216,798
- Interest + MI left
- $24,570
- First ends
- Feb 2047
Assumption
Assumption + second
$1,834/mo
+$1,335/mo- Down payment
- $26,606
- Funds due
- $36,088
- Interest + MI left
- $323,333
- First ends
- Feb 2047
New loan
New conventional
$1,853/mo
+$1,355/mo- Down payment
- $26,606
- Funds due
- $33,516
- Interest + MI left
- $356,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,894 | $52,894 | $234,894 |
| Second mortgage | — | $182,000 | — |
| First P&I | $318.78 | $318.78 | $1,626.36 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $46.98 |
| Taxes, insurance & HOA | $179.42 | $179.42 | $179.42 |
| Total housing payment | $498.20 | $1,833.65 | $1,852.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,606
Closing costs & prepaids$9,481
Usable credit−$0
Total buyer cash needed$36,088
Earnest money paid−$0
Remaining funds due$36,088
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,615.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$264.47
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)$88.25
Prepaid interest, first (1 days)$5.84
Prepaid interest, second (1 days)$39.89
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 closing20 yr 3 moOf the original 30-year loan at 4.030%
Interest already paid$23,660Through Nov 2026
Assumption only · ends Feb 2047$24,570
Assumption + second · ends Feb 2047, second Dec 2056$323,333
New conventional · ends Dec 2056$356,186