Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,353/mo
Lowest payment- Down payment
- $172,894
- Funds due
- $183,192
- Interest + MI left
- $84,678
- First ends
- Apr 2048
Assumption
Assumption + second
$2,365/mo
+$1,013/mo- Down payment
- $34,894
- Funds due
- $46,714
- Interest + MI left
- $311,212
- First ends
- Apr 2048
New loan
New conventional
$2,512/mo
+$1,159/mo- Down payment
- $34,894
- Funds due
- $43,568
- Interest + MI left
- $453,280
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,006 | $172,006 | $310,006 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,002.67 | $1,002.67 | $2,100.09 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $62.00 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $1,352.67 | $2,365.27 | $2,512.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,894
Closing costs & prepaids$11,820
Usable credit−$0
Total buyer cash needed$46,714
Earnest money paid−$0
Remaining funds due$46,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$860.03
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)$414.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$170.92
Prepaid interest, second (9 days)$272.22
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 closing21 yr 4 moOf the original 30-year loan at 4.03%
Interest already paid$67,022Through Dec 2026
Assumption only · ends Apr 2048$84,678
Assumption + second · ends Apr 2048, second Jan 2057$311,212
New conventional · ends Jan 2057$453,280