Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,131/mo
Lowest payment- Down payment
- $233,206
- Funds due
- $243,379
- Interest + MI left
- $56,677
- First ends
- Apr 2046
Assumption
Assumption + second
$2,570/mo
+$1,438/mo- Down payment
- $37,206
- Funds due
- $49,015
- Interest + MI left
- $378,421
- First ends
- Apr 2046
New loan
New conventional
$2,618/mo
+$1,487/mo- Down payment
- $37,206
- Funds due
- $45,991
- Interest + MI left
- $486,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,694 | $136,694 | $332,694 |
| Second mortgage | — | $196,000 | — |
| First P&I | $833.50 | $833.50 | $2,253.79 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $66.54 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,131.50 | $2,569.68 | $2,618.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,206
Closing costs & prepaids$11,810
Usable credit−$0
Total buyer cash needed$49,015
Earnest money paid−$0
Remaining funds due$49,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$683.47
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)$444.00
Prepaid interest, first (9 days)$128.42
Prepaid interest, second (9 days)$386.63
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 closing19 yr 4 moOf the original 30-year loan at 3.81%
Interest already paid$64,722Through Dec 2026
Assumption only · ends Apr 2046$56,677
Assumption + second · ends Apr 2046, second Jan 2057$378,421
New conventional · ends Jan 2057$486,454