Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,474/mo
Lowest payment- Down payment
- $187,821
- Funds due
- $198,631
- Interest + MI left
- $113,071
- First ends
- Jun 2049
Assumption
Assumption + second
$2,560/mo
+$1,086/mo- Down payment
- $39,821
- Funds due
- $52,173
- Interest + MI left
- $356,021
- First ends
- Jun 2049
New loan
New conventional
$2,748/mo
+$1,275/mo- Down payment
- $39,821
- Funds due
- $48,836
- Interest + MI left
- $511,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,179 | $202,179 | $350,179 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,167.60 | $1,167.60 | $2,372.23 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $70.04 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,473.60 | $2,559.57 | $2,748.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,821
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$52,173
Earnest money paid−$0
Remaining funds due$52,173
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%)$1,010.90
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)$213.37
Prepaid interest, second (9 days)$291.95
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 6 moOf the original 30-year loan at 4.28%
Interest already paid$70,763Through Dec 2026
Assumption only · ends Jun 2049$113,071
Assumption + second · ends Jun 2049, second Jan 2057$356,021
New conventional · ends Jan 2057$511,950