Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,624/mo
Lowest payment- Down payment
- $145,536
- Funds due
- $156,231
- Interest + MI left
- $88,232
- First ends
- Dec 2046
Assumption
Assumption + second
$2,416/mo
+$792/mo- Down payment
- $37,536
- Funds due
- $49,623
- Interest + MI left
- $265,520
- First ends
- Dec 2046
New loan
New conventional
$2,654/mo
+$1,030/mo- Down payment
- $37,536
- Funds due
- $46,184
- Interest + MI left
- $493,428
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,464 | $229,464 | $337,464 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,323.74 | $1,323.74 | $2,286.10 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $67.49 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,623.74 | $2,416.20 | $2,653.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,536
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$49,623
Earnest money paid−$0
Remaining funds due$49,623
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,147.32
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)$450.00
Prepaid interest, first (6 days)$129.76
Prepaid interest, second (6 days)$142.03
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 closing20 yrOf the original 30-year loan at 3.44%
Interest already paid$91,312Through Dec 2026
Assumption only · ends Dec 2046$88,232
Assumption + second · ends Dec 2046, second Jan 2057$265,520
New conventional · ends Jan 2057$493,428