Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,489/mo
Lowest payment- Down payment
- $216,944
- Funds due
- $228,472
- Interest + MI left
- $78,798
- First ends
- May 2049
Assumption
Assumption + second
$2,744/mo
+$1,255/mo- Down payment
- $45,944
- Funds due
- $58,947
- Interest + MI left
- $359,503
- First ends
- May 2049
New loan
New conventional
$3,148/mo
+$1,659/mo- Down payment
- $45,944
- Funds due
- $55,426
- Interest + MI left
- $590,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,056 | $233,056 | $404,056 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,159.31 | $1,159.31 | $2,737.22 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,489.31 | $2,744.05 | $3,148.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,944
Closing costs & prepaids$13,003
Usable credit−$0
Total buyer cash needed$58,947
Earnest money paid−$0
Remaining funds due$58,947
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,165.28
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)$540.00
Prepaid interest, first (6 days)$104.59
Prepaid interest, second (6 days)$224.88
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 5 moOf the original 28-year loan at 2.73%
Interest already paid$38,620Through Dec 2026
Assumption only · ends May 2049$78,798
Assumption + second · ends May 2049, second Jan 2057$359,503
New conventional · ends Jan 2057$590,716