Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,332/mo
Lowest payment- Down payment
- $209,204
- Funds due
- $219,972
- Interest + MI left
- $93,307
- First ends
- Feb 2050
Assumption
Assumption + second
$2,572/mo
+$1,240/mo- Down payment
- $40,204
- Funds due
- $52,444
- Interest + MI left
- $370,729
- First ends
- Feb 2050
New loan
New conventional
$2,819/mo
+$1,487/mo- Down payment
- $40,204
- Funds due
- $49,132
- Interest + MI left
- $526,081
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,796 | $190,796 | $359,796 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,021.95 | $1,021.95 | $2,437.38 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $71.96 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,331.95 | $2,572.01 | $2,819.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,204
Closing costs & prepaids$12,240
Usable credit−$0
Total buyer cash needed$52,444
Earnest money paid−$0
Remaining funds due$52,444
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$953.98
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)$480.00
Prepaid interest, first (6 days)$115.73
Prepaid interest, second (6 days)$222.25
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 yr 2 moOf the original 30-year loan at 3.69%
Interest already paid$52,296Through Dec 2026
Assumption only · ends Feb 2050$93,307
Assumption + second · ends Feb 2050, second Jan 2057$370,729
New conventional · ends Jan 2057$526,081