Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$993/mo
Lowest payment- Down payment
- $182,668
- Funds due
- $192,333
- Interest + MI left
- $47,351
- First ends
- Feb 2049
Assumption
Assumption + second
$2,094/mo
+$1,101/mo- Down payment
- $32,668
- Funds due
- $43,879
- Interest + MI left
- $293,584
- First ends
- Feb 2049
New loan
New conventional
$2,319/mo
+$1,326/mo- Down payment
- $32,668
- Funds due
- $40,924
- Interest + MI left
- $427,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,332 | $142,332 | $292,332 |
| Second mortgage | — | $150,000 | — |
| First P&I | $713.09 | $713.09 | $1,980.36 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $58.47 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $993.09 | $2,093.74 | $2,318.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,668
Closing costs & prepaids$11,211
Usable credit−$0
Total buyer cash needed$43,879
Earnest money paid−$0
Remaining funds due$43,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$711.66
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)$390.00
Prepaid interest, first (9 days)$95.46
Prepaid interest, second (9 days)$295.89
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 2 moOf the original 28-year loan at 2.72%
Interest already paid$24,668Through Dec 2026
Assumption only · ends Feb 2049$47,351
Assumption + second · ends Feb 2049, second Jan 2057$293,584
New conventional · ends Jan 2057$427,438