Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$972/mo
Lowest payment- Down payment
- $199,899
- Funds due
- $209,351
- Interest + MI left
- $67,352
- First ends
- Oct 2048
Assumption
Assumption + second
$2,205/mo
+$1,233/mo- Down payment
- $31,899
- Funds due
- $42,933
- Interest + MI left
- $343,133
- First ends
- Oct 2048
New loan
New conventional
$2,250/mo
+$1,278/mo- Down payment
- $31,899
- Funds due
- $40,034
- Interest + MI left
- $413,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,101 | $115,101 | $283,101 |
| Second mortgage | — | $168,000 | — |
| First P&I | $696.38 | $696.38 | $1,917.82 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $56.62 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $972.38 | $2,205.11 | $2,250.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,899
Closing costs & prepaids$11,033
Usable credit−$0
Total buyer cash needed$42,933
Earnest money paid−$0
Remaining funds due$42,933
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$575.50
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)$378.00
Prepaid interest, first (9 days)$130.27
Prepaid interest, second (9 days)$331.40
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 10 moOf the original 30-year loan at 4.59%
Interest already paid$47,346Through Dec 2026
Assumption only · ends Oct 2048$67,352
Assumption + second · ends Oct 2048, second Jan 2057$343,133
New conventional · ends Jan 2057$413,940