Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,442/mo
Lowest payment- Down payment
- $220,989
- Funds due
- $231,561
- Interest + MI left
- $50,312
- First ends
- Jan 2043
Assumption
Assumption + second
$2,771/mo
+$1,328/mo- Down payment
- $39,989
- Funds due
- $52,168
- Interest + MI left
- $347,433
- First ends
- Jan 2043
New loan
New conventional
$2,747/mo
+$1,305/mo- Down payment
- $39,989
- Funds due
- $49,002
- Interest + MI left
- $511,704
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,011 | $169,011 | $350,011 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,136.39 | $1,136.39 | $2,371.10 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $70.00 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,442.39 | $2,770.50 | $2,747.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,989
Closing costs & prepaids$12,179
Usable credit−$0
Total buyer cash needed$52,168
Earnest money paid−$0
Remaining funds due$52,168
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$845.05
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)$468.00
Prepaid interest, first (9 days)$140.86
Prepaid interest, second (9 days)$357.04
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 closing16 yr 1 moOf the original 30-year loan at 3.38%
Interest already paid$101,903Through Dec 2026
Assumption only · ends Jan 2043$50,312
Assumption + second · ends Jan 2043, second Jan 2057$347,433
New conventional · ends Jan 2057$511,704