Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,573/mo
Lowest payment- Down payment
- $163,559
- Funds due
- $174,578
- Interest + MI left
- $112,223
- First ends
- Dec 2049
Assumption
Assumption + second
$2,475/mo
+$903/mo- Down payment
- $40,559
- Funds due
- $52,990
- Interest + MI left
- $314,134
- First ends
- Dec 2049
New loan
New conventional
$2,816/mo
+$1,243/mo- Down payment
- $40,559
- Funds due
- $49,482
- Interest + MI left
- $525,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,341 | $236,341 | $359,341 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,262.92 | $1,262.92 | $2,434.30 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $71.87 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,572.92 | $2,475.45 | $2,816.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,559
Closing costs & prepaids$12,431
Usable credit−$0
Total buyer cash needed$52,990
Earnest money paid−$0
Remaining funds due$52,990
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,181.71
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)$480.00
Prepaid interest, first (6 days)$140.64
Prepaid interest, second (6 days)$161.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.62%
Interest already paid$65,331Through Dec 2026
Assumption only · ends Dec 2049$112,223
Assumption + second · ends Dec 2049, second Jan 2057$314,134
New conventional · ends Jan 2057$525,416