Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,102/mo
Lowest payment- Down payment
- $252,863
- Funds due
- $263,166
- Interest + MI left
- $53,887
- First ends
- Aug 2046
Assumption
Assumption + second
$2,635/mo
+$1,533/mo- Down payment
- $38,863
- Funds due
- $50,689
- Interest + MI left
- $391,811
- First ends
- Aug 2046
New loan
New conventional
$2,733/mo
+$1,631/mo- Down payment
- $38,863
- Funds due
- $47,645
- Interest + MI left
- $509,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,137 | $134,137 | $348,137 |
| Second mortgage | — | $214,000 | — |
| First P&I | $796.71 | $796.71 | $2,358.40 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $69.63 |
| Taxes, insurance & HOA | $304.83 | $304.83 | $304.83 |
| Total housing payment | $1,101.55 | $2,634.67 | $2,732.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,863
Closing costs & prepaids$11,826
Usable credit−$0
Total buyer cash needed$50,689
Earnest money paid−$0
Remaining funds due$50,689
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,870.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$670.69
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)$464.50
Prepaid interest, first (6 days)$80.26
Prepaid interest, second (6 days)$272.63
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 8 moOf the original 30-year loan at 3.64%
Interest already paid$58,554Through Dec 2026
Assumption only · ends Aug 2046$53,887
Assumption + second · ends Aug 2046, second Jan 2057$391,811
New conventional · ends Jan 2057$509,034