Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,469/mo
Lowest payment- Down payment
- $187,376
- Funds due
- $197,984
- Interest + MI left
- $113,794
- First ends
- Jun 2049
Assumption
Assumption + second
$2,555/mo
+$1,086/mo- Down payment
- $39,376
- Funds due
- $51,267
- Interest + MI left
- $356,744
- First ends
- Jun 2049
New loan
New conventional
$2,799/mo
+$1,330/mo- Down payment
- $39,376
- Funds due
- $47,832
- Interest + MI left
- $531,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,624 | $202,624 | $350,624 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,167.60 | $1,167.60 | $2,427.65 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $70.12 |
| Taxes, insurance & HOA | $301.17 | $301.17 | $301.17 |
| Total housing payment | $1,468.76 | $2,554.73 | $2,798.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,376
Closing costs & prepaids$11,891
Usable credit−$0
Total buyer cash needed$51,267
Earnest money paid−$0
Remaining funds due$51,267
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,013.12
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)$453.50
Prepaid interest, first (1 days)$23.76
Prepaid interest, second (1 days)$32.44
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 7 moOf the original 30-year loan at 4.280%
Interest already paid$70,040Through Nov 2026
Assumption only · ends Jun 2049$113,794
Assumption + second · ends Jun 2049, second Dec 2056$356,744
New conventional · ends Dec 2056$531,745