Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $177,627
- Funds due
- $189,477
- Interest + MI left
- $141,142
- First ends
- Jun 2049
Assumption
Assumption + second
$2,859/mo
+$983/mo- Down payment
- $43,627
- Funds due
- $56,992
- Interest + MI left
- $361,110
- First ends
- Jun 2049
New loan
New conventional
$3,113/mo
+$1,237/mo- Down payment
- $43,627
- Funds due
- $53,404
- Interest + MI left
- $564,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,372 | $252,372 | $386,372 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,457.46 | $1,457.46 | $2,617.42 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $77.27 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $1,875.46 | $2,858.70 | $3,112.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,627
Closing costs & prepaids$13,365
Usable credit−$0
Total buyer cash needed$56,992
Earnest money paid−$0
Remaining funds due$56,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,261.86
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)$516.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$266.34
Prepaid interest, second (9 days)$264.33
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 6 moOf the original 30-year loan at 4.28%
Interest already paid$88,330Through Dec 2026
Assumption only · ends Jun 2049$141,142
Assumption + second · ends Jun 2049, second Jan 2057$361,110
New conventional · ends Jan 2057$564,940