Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,367/mo
Lowest payment- Down payment
- $243,205
- Funds due
- $253,822
- Interest + MI left
- $65,554
- First ends
- Jan 2045
Assumption
Assumption + second
$2,814/mo
+$1,447/mo- Down payment
- $41,205
- Funds due
- $53,115
- Interest + MI left
- $384,529
- First ends
- Jan 2045
New loan
New conventional
$2,916/mo
+$1,549/mo- Down payment
- $41,205
- Funds due
- $49,864
- Interest + MI left
- $551,647
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,795 | $161,795 | $363,795 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,042.89 | $1,042.89 | $2,518.84 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $72.76 |
| Taxes, insurance & HOA | $324.17 | $324.17 | $324.17 |
| Total housing payment | $1,367.05 | $2,814.21 | $2,915.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,205
Closing costs & prepaids$11,910
Usable credit−$0
Total buyer cash needed$53,115
Earnest money paid−$0
Remaining funds due$53,115
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$808.98
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)$522.50
Prepaid interest, first (1 days)$17.60
Prepaid interest, second (1 days)$42.89
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 closing18 yr 2 moOf the original 30-year loan at 3.970%
Interest already paid$90,647Through Nov 2026
Assumption only · ends Jan 2045$65,554
Assumption + second · ends Jan 2045, second Dec 2056$384,529
New conventional · ends Dec 2056$551,647