Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,335/mo
Lowest payment- Down payment
- $236,418
- Funds due
- $247,512
- Interest + MI left
- $92,690
- First ends
- Jan 2050
Assumption
Assumption + second
$2,752/mo
+$1,416/mo- Down payment
- $43,418
- Funds due
- $56,143
- Interest + MI left
- $409,510
- First ends
- Jan 2050
New loan
New conventional
$2,981/mo
+$1,646/mo- Down payment
- $43,418
- Funds due
- $52,844
- Interest + MI left
- $557,860
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,582 | $188,582 | $381,582 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,015.42 | $1,015.42 | $2,584.97 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $76.32 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,335.42 | $2,751.59 | $2,981.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,418
Closing costs & prepaids$12,725
Usable credit−$0
Total buyer cash needed$56,143
Earnest money paid−$0
Remaining funds due$56,143
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$942.91
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)$510.00
Prepaid interest, first (9 days)$172.98
Prepaid interest, second (9 days)$380.71
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 closing23 yr 1 moOf the original 29-year loan at 3.72%
Interest already paid$44,677Through Dec 2026
Assumption only · ends Jan 2050$92,690
Assumption + second · ends Jan 2050, second Jan 2057$409,510
New conventional · ends Jan 2057$557,860