Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,038/mo
Lowest payment- Down payment
- $269,696
- Funds due
- $280,046
- Interest + MI left
- $59,362
- First ends
- Jan 2048
Assumption
Assumption + second
$2,686/mo
+$1,648/mo- Down payment
- $39,696
- Funds due
- $51,589
- Interest + MI left
- $422,551
- First ends
- Jan 2048
New loan
New conventional
$2,786/mo
+$1,748/mo- Down payment
- $39,696
- Funds due
- $48,567
- Interest + MI left
- $519,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,304 | $125,304 | $355,304 |
| Second mortgage | — | $230,000 | — |
| First P&I | $729.90 | $729.90 | $2,406.95 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $71.06 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,037.90 | $2,685.65 | $2,786.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,696
Closing costs & prepaids$11,893
Usable credit−$0
Total buyer cash needed$51,589
Earnest money paid−$0
Remaining funds due$51,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$626.52
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)$474.00
Prepaid interest, first (6 days)$81.16
Prepaid interest, second (6 days)$293.01
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 closing21 yr 1 moOf the original 30-year loan at 3.94%
Interest already paid$49,403Through Dec 2026
Assumption only · ends Jan 2048$59,362
Assumption + second · ends Jan 2048, second Jan 2057$422,551
New conventional · ends Jan 2057$519,513