Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,356/mo
Lowest payment- Down payment
- $264,055
- Funds due
- $275,338
- Interest + MI left
- $98,368
- First ends
- Jul 2049
Assumption
Assumption + second
$2,925/mo
+$1,569/mo- Down payment
- $45,055
- Funds due
- $58,007
- Interest + MI left
- $444,187
- First ends
- Jul 2049
New loan
New conventional
$3,113/mo
+$1,757/mo- Down payment
- $45,055
- Funds due
- $54,714
- Interest + MI left
- $583,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,389 | $180,389 | $399,389 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,028.62 | $1,028.62 | $2,705.60 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $79.88 |
| Taxes, insurance & HOA | $327.75 | $327.75 | $327.75 |
| Total housing payment | $1,356.37 | $2,925.32 | $3,113.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,055
Closing costs & prepaids$12,952
Usable credit−$0
Total buyer cash needed$58,007
Earnest money paid−$0
Remaining funds due$58,007
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,444.44
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$901.94
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)$533.25
Prepaid interest, first (9 days)$185.48
Prepaid interest, second (9 days)$418.50
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 7 moOf the original 30-year loan at 4.17%
Interest already paid$60,836Through Dec 2026
Assumption only · ends Jul 2049$98,368
Assumption + second · ends Jul 2049, second Jan 2057$444,187
New conventional · ends Jan 2057$583,973