Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$935/mo
Lowest payment- Down payment
- $204,643
- Funds due
- $213,919
- Interest + MI left
- $67,793
- First ends
- Oct 2048
Assumption
Assumption + second
$2,197/mo
+$1,262/mo- Down payment
- $32,643
- Funds due
- $43,207
- Interest + MI left
- $350,140
- First ends
- Oct 2048
New loan
New conventional
$2,286/mo
+$1,351/mo- Down payment
- $32,643
- Funds due
- $40,266
- Interest + MI left
- $435,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,356 | $115,356 | $287,356 |
| Second mortgage | — | $172,000 | — |
| First P&I | $696.38 | $696.38 | $1,989.59 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $57.47 |
| Taxes, insurance & HOA | $238.75 | $238.75 | $238.75 |
| Total housing payment | $935.13 | $2,197.21 | $2,285.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,643
Closing costs & prepaids$10,563
Usable credit−$0
Total buyer cash needed$43,207
Earnest money paid−$0
Remaining funds due$43,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$576.78
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)$266.25
Prepaid interest, first (1 days)$14.51
Prepaid interest, second (1 days)$37.70
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 11 moOf the original 30-year loan at 4.590%
Interest already paid$46,905Through Nov 2026
Assumption only · ends Oct 2048$67,793
Assumption + second · ends Oct 2048, second Dec 2056$350,140
New conventional · ends Dec 2056$435,737