Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$938/mo
Lowest payment- Down payment
- $174,089
- Funds due
- $183,198
- Interest + MI left
- $44,125
- First ends
- Oct 2046
Assumption
Assumption + second
$2,002/mo
+$1,064/mo- Down payment
- $29,089
- Funds due
- $39,639
- Interest + MI left
- $282,150
- First ends
- Oct 2046
New loan
New conventional
$2,085/mo
+$1,147/mo- Down payment
- $29,089
- Funds due
- $36,778
- Interest + MI left
- $381,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,811 | $115,811 | $260,811 |
| Second mortgage | — | $145,000 | — |
| First P&I | $672.00 | $672.00 | $1,766.82 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $52.16 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $938.00 | $2,001.96 | $2,084.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,089
Closing costs & prepaids$10,550
Usable credit−$0
Total buyer cash needed$39,639
Earnest money paid−$0
Remaining funds due$39,639
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$579.06
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)$348.00
Prepaid interest, first (6 days)$65.49
Prepaid interest, second (6 days)$190.68
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 closing19 yr 10 moOf the original 30-year loan at 3.44%
Interest already paid$47,022Through Dec 2026
Assumption only · ends Oct 2046$44,125
Assumption + second · ends Oct 2046, second Jan 2057$282,150
New conventional · ends Jan 2057$381,349