Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,136/mo
Lowest payment- Down payment
- $241,021
- Funds due
- $251,407
- Interest + MI left
- $65,798
- First ends
- Dec 2047
Assumption
Assumption + second
$2,584/mo
+$1,447/mo- Down payment
- $39,021
- Funds due
- $51,043
- Interest + MI left
- $384,773
- First ends
- Dec 2047
New loan
New conventional
$2,717/mo
+$1,581/mo- Down payment
- $39,021
- Funds due
- $47,980
- Interest + MI left
- $505,879
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,979 | $143,979 | $345,979 |
| Second mortgage | — | $202,000 | — |
| First P&I | $832.45 | $832.45 | $2,343.78 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $69.20 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,136.45 | $2,583.60 | $2,716.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,021
Closing costs & prepaids$12,022
Usable credit−$0
Total buyer cash needed$51,043
Earnest money paid−$0
Remaining funds due$51,043
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$719.89
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)$462.00
Prepaid interest, first (9 days)$135.97
Prepaid interest, second (9 days)$386.01
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 closing21 yrOf the original 30-year loan at 3.83%
Interest already paid$55,883Through Dec 2026
Assumption only · ends Dec 2047$65,798
Assumption + second · ends Dec 2047, second Jan 2057$384,773
New conventional · ends Jan 2057$505,879