Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,621/mo
Lowest payment- Down payment
- $170,825
- Funds due
- $181,906
- Interest + MI left
- $125,988
- First ends
- Jul 2049
Assumption
Assumption + second
$2,574/mo
+$954/mo- Down payment
- $40,825
- Funds due
- $53,412
- Interest + MI left
- $339,390
- First ends
- Jul 2049
New loan
New conventional
$2,815/mo
+$1,194/mo- Down payment
- $40,825
- Funds due
- $49,958
- Interest + MI left
- $525,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,175 | $229,175 | $359,175 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,310.57 | $1,310.57 | $2,433.18 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $71.84 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,620.57 | $2,574.46 | $2,815.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,825
Closing costs & prepaids$12,588
Usable credit−$0
Total buyer cash needed$53,412
Earnest money paid−$0
Remaining funds due$53,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,145.88
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)$480.00
Prepaid interest, first (9 days)$237.34
Prepaid interest, second (9 days)$256.44
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 7 moOf the original 30-year loan at 4.2%
Interest already paid$77,816Through Dec 2026
Assumption only · ends Jul 2049$125,988
Assumption + second · ends Jul 2049, second Jan 2057$339,390
New conventional · ends Jan 2057$525,101