Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,124/mo
Lowest payment- Down payment
- $249,815
- Funds due
- $259,899
- Interest + MI left
- $45,782
- First ends
- Sep 2043
Assumption
Assumption + second
$2,642/mo
+$1,519/mo- Down payment
- $37,815
- Funds due
- $49,554
- Interest + MI left
- $380,547
- First ends
- Sep 2043
New loan
New conventional
$2,615/mo
+$1,491/mo- Down payment
- $37,815
- Funds due
- $46,594
- Interest + MI left
- $485,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,185 | $120,185 | $332,185 |
| Second mortgage | — | $212,000 | — |
| First P&I | $825.70 | $825.70 | $2,250.34 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $66.44 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,123.70 | $2,642.50 | $2,614.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,815
Closing costs & prepaids$11,739
Usable credit−$0
Total buyer cash needed$49,554
Earnest money paid−$0
Remaining funds due$49,554
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%)$600.92
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 (9 days)$120.61
Prepaid interest, second (9 days)$405.12
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 closing16 yr 9 moOf the original 30-year loan at 4.07%
Interest already paid$79,972Through Dec 2026
Assumption only · ends Sep 2043$45,782
Assumption + second · ends Sep 2043, second Jan 2057$380,547
New conventional · ends Jan 2057$485,643