Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,355/mo
Lowest payment- Down payment
- $243,712
- Funds due
- $254,431
- Interest + MI left
- $65,019
- First ends
- Jan 2045
Assumption
Assumption + second
$2,809/mo
+$1,454/mo- Down payment
- $40,712
- Funds due
- $53,068
- Interest + MI left
- $385,573
- First ends
- Jan 2045
New loan
New conventional
$2,853/mo
+$1,498/mo- Down payment
- $40,712
- Funds due
- $49,911
- Interest + MI left
- $532,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,288 | $161,288 | $364,288 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,042.89 | $1,042.89 | $2,467.81 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $72.86 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $1,354.89 | $2,809.20 | $2,852.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,712
Closing costs & prepaids$12,356
Usable credit−$0
Total buyer cash needed$53,068
Earnest money paid−$0
Remaining funds due$53,068
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$806.44
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)$486.00
Prepaid interest, first (9 days)$157.89
Prepaid interest, second (9 days)$387.92
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 closing18 yr 1 moOf the original 30-year loan at 3.97%
Interest already paid$91,183Through Dec 2026
Assumption only · ends Jan 2045$65,019
Assumption + second · ends Jan 2045, second Jan 2057$385,573
New conventional · ends Jan 2057$532,649