Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$853/mo
Lowest payment- Down payment
- $200,512
- Funds due
- $209,579
- Interest + MI left
- $37,618
- First ends
- Aug 2045
Assumption
Assumption + second
$2,108/mo
+$1,255/mo- Down payment
- $29,512
- Funds due
- $40,166
- Interest + MI left
- $318,324
- First ends
- Aug 2045
New loan
New conventional
$2,112/mo
+$1,259/mo- Down payment
- $29,512
- Funds due
- $37,403
- Interest + MI left
- $386,725
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,488 | $93,488 | $264,488 |
| Second mortgage | — | $171,000 | — |
| First P&I | $585.30 | $585.30 | $1,791.73 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $52.90 |
| Taxes, insurance & HOA | $267.58 | $267.58 | $267.58 |
| Total housing payment | $852.88 | $2,107.62 | $2,112.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,512
Closing costs & prepaids$10,654
Usable credit−$0
Total buyer cash needed$40,166
Earnest money paid−$0
Remaining funds due$40,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$467.44
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)$352.75
Prepaid interest, first (9 days)$88.52
Prepaid interest, second (9 days)$337.32
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 closing18 yr 8 moOf the original 30-year loan at 3.84%
Interest already paid$48,088Through Dec 2026
Assumption only · ends Aug 2045$37,618
Assumption + second · ends Aug 2045, second Jan 2057$318,324
New conventional · ends Jan 2057$386,725