Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$573/mo
Lowest payment- Down payment
- $208,747
- Funds due
- $217,210
- Interest + MI left
- $24,392
- First ends
- Feb 2047
Assumption
Assumption + second
$1,909/mo
+$1,335/mo- Down payment
- $26,747
- Funds due
- $36,819
- Interest + MI left
- $323,155
- First ends
- Feb 2047
New loan
New conventional
$1,892/mo
+$1,318/mo- Down payment
- $26,747
- Funds due
- $34,249
- Interest + MI left
- $343,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,753 | $52,753 | $234,753 |
| Second mortgage | — | $182,000 | — |
| First P&I | $318.78 | $318.78 | $1,590.30 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $46.95 |
| Taxes, insurance & HOA | $254.58 | $254.58 | $254.58 |
| Total housing payment | $573.36 | $1,908.82 | $1,891.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,747
Closing costs & prepaids$10,072
Usable credit−$0
Total buyer cash needed$36,819
Earnest money paid−$0
Remaining funds due$36,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,615.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$263.76
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)$313.75
Prepaid interest, first (9 days)$52.42
Prepaid interest, second (9 days)$359.01
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 closing20 yr 2 moOf the original 30-year loan at 4.03%
Interest already paid$23,838Through Dec 2026
Assumption only · ends Feb 2047$24,392
Assumption + second · ends Feb 2047, second Jan 2057$323,155
New conventional · ends Jan 2057$343,201