Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,227/mo
Lowest payment- Down payment
- $226,663
- Funds due
- $237,219
- Interest + MI left
- $81,832
- First ends
- Nov 2049
Assumption
Assumption + second
$2,592/mo
+$1,365/mo- Down payment
- $40,663
- Funds due
- $52,510
- Interest + MI left
- $387,161
- First ends
- Nov 2049
New loan
New conventional
$2,859/mo
+$1,632/mo- Down payment
- $40,663
- Funds due
- $49,214
- Interest + MI left
- $543,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,337 | $172,337 | $358,337 |
| Second mortgage | — | $186,000 | — |
| First P&I | $920.90 | $920.90 | $2,481.05 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $71.67 |
| Taxes, insurance & HOA | $306.58 | $306.58 | $306.58 |
| Total housing payment | $1,227.48 | $2,592.29 | $2,859.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,663
Closing costs & prepaids$11,847
Usable credit−$0
Total buyer cash needed$52,510
Earnest money paid−$0
Remaining funds due$52,510
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$861.69
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)$469.75
Prepaid interest, first (1 days)$17.09
Prepaid interest, second (1 days)$40.77
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 yrOf the original 30-year loan at 3.620%
Interest already paid$47,639Through Nov 2026
Assumption only · ends Nov 2049$81,832
Assumption + second · ends Nov 2049, second Dec 2056$387,161
New conventional · ends Dec 2056$543,371