Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
Lowest payment- Down payment
- $201,259
- Funds due
- $211,977
- Interest + MI left
- $108,162
- First ends
- May 2049
Assumption
Assumption + second
$2,594/mo
+$1,189/mo- Down payment
- $39,259
- Funds due
- $51,546
- Interest + MI left
- $374,094
- First ends
- May 2049
New loan
New conventional
$2,745/mo
+$1,339/mo- Down payment
- $39,259
- Funds due
- $48,267
- Interest + MI left
- $511,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,741 | $187,741 | $349,741 |
| Second mortgage | — | $162,000 | — |
| First P&I | $1,100.01 | $1,100.01 | $2,369.27 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $69.95 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $1,405.59 | $2,594.29 | $2,744.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,259
Closing costs & prepaids$12,287
Usable credit−$0
Total buyer cash needed$51,546
Earnest money paid−$0
Remaining funds due$51,546
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$938.70
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)$466.75
Prepaid interest, first (9 days)$204.15
Prepaid interest, second (9 days)$319.56
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 5 moOf the original 30-year loan at 4.41%
Interest already paid$68,433Through Dec 2026
Assumption only · ends May 2049$108,162
Assumption + second · ends May 2049, second Jan 2057$374,094
New conventional · ends Jan 2057$511,379