Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,215/mo
Lowest payment- Down payment
- $235,988
- Funds due
- $246,569
- Interest + MI left
- $93,276
- First ends
- Jan 2050
Assumption
Assumption + second
$2,631/mo
+$1,416/mo- Down payment
- $42,988
- Funds due
- $54,861
- Interest + MI left
- $410,096
- First ends
- Jan 2050
New loan
New conventional
$2,921/mo
+$1,706/mo- Down payment
- $42,988
- Funds due
- $51,459
- Interest + MI left
- $579,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,012 | $189,012 | $382,012 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,015.42 | $1,015.42 | $2,644.97 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $76.40 |
| Taxes, insurance & HOA | $199.33 | $199.33 | $199.33 |
| Total housing payment | $1,214.76 | $2,630.92 | $2,920.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,988
Closing costs & prepaids$11,873
Usable credit−$0
Total buyer cash needed$54,861
Earnest money paid−$0
Remaining funds due$54,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$945.06
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)$148.00
Prepaid interest, first (1 days)$19.26
Prepaid interest, second (1 days)$42.30
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 closing23 yr 2 moOf the original 29-year loan at 3.720%
Interest already paid$44,091Through Nov 2026
Assumption only · ends Jan 2050$93,276
Assumption + second · ends Jan 2050, second Dec 2056$410,096
New conventional · ends Dec 2056$579,270