Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,072/mo
Lowest payment- Down payment
- $247,908
- Funds due
- $257,941
- Interest + MI left
- $57,112
- First ends
- Apr 2046
Assumption
Assumption + second
$2,569/mo
+$1,497/mo- Down payment
- $38,908
- Funds due
- $50,235
- Interest + MI left
- $387,141
- First ends
- Apr 2046
New loan
New conventional
$2,704/mo
+$1,632/mo- Down payment
- $38,908
- Funds due
- $47,129
- Interest + MI left
- $524,803
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,092 | $137,092 | $346,092 |
| Second mortgage | — | $209,000 | — |
| First P&I | $833.50 | $833.50 | $2,396.27 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $69.22 |
| Taxes, insurance & HOA | $238.42 | $238.42 | $238.42 |
| Total housing payment | $1,071.91 | $2,569.22 | $2,703.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,908
Closing costs & prepaids$11,327
Usable credit−$0
Total buyer cash needed$50,235
Earnest money paid−$0
Remaining funds due$50,235
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$685.46
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)$265.25
Prepaid interest, first (1 days)$14.31
Prepaid interest, second (1 days)$44.38
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 closing19 yr 5 moOf the original 30-year loan at 3.810%
Interest already paid$64,286Through Nov 2026
Assumption only · ends Apr 2046$57,112
Assumption + second · ends Apr 2046, second Dec 2056$387,141
New conventional · ends Dec 2056$524,803