Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,548/mo
Lowest payment- Down payment
- $202,280
- Funds due
- $213,088
- Interest + MI left
- $77,160
- First ends
- Jun 2045
Assumption
Assumption + second
$2,736/mo
+$1,189/mo- Down payment
- $40,280
- Funds due
- $52,551
- Interest + MI left
- $343,091
- First ends
- Jun 2045
New loan
New conventional
$2,818/mo
+$1,270/mo- Down payment
- $40,280
- Funds due
- $49,206
- Interest + MI left
- $525,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,620 | $197,620 | $359,620 |
| Second mortgage | — | $162,000 | — |
| First P&I | $1,237.74 | $1,237.74 | $2,436.19 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $71.92 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,547.74 | $2,736.44 | $2,818.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,280
Closing costs & prepaids$12,271
Usable credit−$0
Total buyer cash needed$52,551
Earnest money paid−$0
Remaining funds due$52,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$988.10
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)$480.00
Prepaid interest, first (6 days)$122.47
Prepaid interest, second (6 days)$213.04
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 closing18 yr 6 moOf the original 30-year loan at 3.77%
Interest already paid$101,818Through Dec 2026
Assumption only · ends Jun 2045$77,160
Assumption + second · ends Jun 2045, second Jan 2057$343,091
New conventional · ends Jan 2057$525,824