Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,084/mo
Lowest payment- Down payment
- $256,058
- Funds due
- $266,073
- Interest + MI left
- $49,615
- First ends
- Apr 2044
Assumption
Assumption + second
$2,653/mo
+$1,569/mo- Down payment
- $37,058
- Funds due
- $48,602
- Interest + MI left
- $395,434
- First ends
- Apr 2044
New loan
New conventional
$2,620/mo
+$1,536/mo- Down payment
- $37,058
- Funds due
- $45,649
- Interest + MI left
- $486,816
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,942 | $113,942 | $332,942 |
| Second mortgage | — | $219,000 | — |
| First P&I | $786.33 | $786.33 | $2,255.47 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $66.59 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,084.33 | $2,653.27 | $2,620.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,058
Closing costs & prepaids$11,544
Usable credit−$0
Total buyer cash needed$48,602
Earnest money paid−$0
Remaining funds due$48,602
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$569.71
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)$444.00
Prepaid interest, first (6 days)$83.16
Prepaid interest, second (6 days)$279.00
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 closing17 yr 4 moOf the original 30-year loan at 4.44%
Interest already paid$77,176Through Dec 2026
Assumption only · ends Apr 2044$49,615
Assumption + second · ends Apr 2044, second Jan 2057$395,434
New conventional · ends Jan 2057$486,816