Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,208/mo
Lowest payment- Down payment
- $208,748
- Funds due
- $219,197
- Interest + MI left
- $80,043
- First ends
- Nov 2049
Assumption
Assumption + second
$2,455/mo
+$1,247/mo- Down payment
- $38,748
- Funds due
- $50,782
- Interest + MI left
- $359,107
- First ends
- Nov 2049
New loan
New conventional
$2,667/mo
+$1,460/mo- Down payment
- $38,748
- Funds due
- $47,620
- Interest + MI left
- $495,975
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,252 | $169,252 | $339,252 |
| Second mortgage | — | $170,000 | — |
| First P&I | $906.53 | $906.53 | $2,298.21 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $67.85 |
| Taxes, insurance & HOA | $301.17 | $301.17 | $301.17 |
| Total housing payment | $1,207.69 | $2,455.09 | $2,667.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,748
Closing costs & prepaids$12,034
Usable credit−$0
Total buyer cash needed$50,782
Earnest money paid−$0
Remaining funds due$50,782
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,780.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$846.26
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)$453.50
Prepaid interest, first (9 days)$151.07
Prepaid interest, second (9 days)$335.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 3.62%
Interest already paid$47,407Through Dec 2026
Assumption only · ends Nov 2049$80,043
Assumption + second · ends Nov 2049, second Jan 2057$359,107
New conventional · ends Jan 2057$495,975