Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,082/mo
Lowest payment- Down payment
- $256,764
- Funds due
- $267,019
- Interest + MI left
- $66,030
- First ends
- Nov 2047
Assumption
Assumption + second
$2,630/mo
+$1,547/mo- Down payment
- $40,764
- Funds due
- $52,315
- Interest + MI left
- $407,112
- First ends
- Nov 2047
New loan
New conventional
$2,811/mo
+$1,729/mo- Down payment
- $40,764
- Funds due
- $49,160
- Interest + MI left
- $544,734
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,236 | $143,236 | $359,236 |
| Second mortgage | — | $216,000 | — |
| First P&I | $830.42 | $830.42 | $2,487.28 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $71.85 |
| Taxes, insurance & HOA | $251.83 | $251.83 | $251.83 |
| Total housing payment | $1,082.25 | $2,629.71 | $2,810.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,764
Closing costs & prepaids$11,551
Usable credit−$0
Total buyer cash needed$52,315
Earnest money paid−$0
Remaining funds due$52,315
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%)$716.18
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)$305.50
Prepaid interest, first (1 days)$15.15
Prepaid interest, second (1 days)$45.86
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 yrOf the original 30-year loan at 3.860%
Interest already paid$56,003Through Nov 2026
Assumption only · ends Nov 2047$66,030
Assumption + second · ends Nov 2047, second Dec 2056$407,112
New conventional · ends Dec 2056$544,734