Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $236,510
- Funds due
- $247,725
- Interest + MI left
- $106,332
- First ends
- Oct 2049
Assumption
Assumption + second
$2,853/mo
+$1,416/mo- Down payment
- $43,510
- Funds due
- $56,228
- Interest + MI left
- $423,151
- First ends
- Oct 2049
New loan
New conventional
$3,054/mo
+$1,618/mo- Down payment
- $43,510
- Funds due
- $52,834
- Interest + MI left
- $572,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,490 | $198,490 | $391,490 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,112.49 | $1,112.49 | $2,652.09 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $78.30 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,436.49 | $2,852.65 | $3,054.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,510
Closing costs & prepaids$12,719
Usable credit−$0
Total buyer cash needed$56,228
Earnest money paid−$0
Remaining funds due$56,228
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$992.45
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)$522.00
Prepaid interest, first (6 days)$132.47
Prepaid interest, second (6 days)$253.81
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 closing22 yr 10 moOf the original 30-year loan at 4.06%
Interest already paid$62,820Through Dec 2026
Assumption only · ends Oct 2049$106,332
Assumption + second · ends Oct 2049, second Jan 2057$423,151
New conventional · ends Jan 2057$572,423