Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,671/mo
Lowest payment- Down payment
- $56,224
- Funds due
- $66,265
- Interest + MI left
- $128,907
- First ends
- Jun 2049
Assumption
Assumption + second
$1,872/mo
+$201/mo- Down payment
- $31,224
- Funds due
- $42,552
- Interest + MI left
- $176,323
- First ends
- Jun 2049
New loan
New conventional
$2,181/mo
+$511/mo- Down payment
- $31,224
- Funds due
- $39,076
- Interest + MI left
- $400,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,776 | $248,776 | $273,776 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,398.83 | $1,398.83 | $1,854.65 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $54.76 |
| Taxes, insurance & HOA | $272.00 | $272.00 | $272.00 |
| Total housing payment | $1,670.83 | $1,871.98 | $2,181.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,224
Closing costs & prepaids$11,328
Usable credit−$0
Total buyer cash needed$42,552
Earnest money paid−$0
Remaining funds due$42,552
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,243.88
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)$366.00
Prepaid interest, first (6 days)$163.58
Prepaid interest, second (6 days)$36.99
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 6 moOf the original 30-year loan at 4%
Interest already paid$81,671Through Dec 2026
Assumption only · ends Jun 2049$128,907
Assumption + second · ends Jun 2049, second Jan 2057$176,323
New conventional · ends Jan 2057$400,251