Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,126/mo
Lowest payment- Down payment
- $132,765
- Funds due
- $141,791
- Interest + MI left
- $69,828
- First ends
- Apr 2047
Assumption
Assumption + second
$1,896/mo
+$770/mo- Down payment
- $27,765
- Funds due
- $38,064
- Interest + MI left
- $242,191
- First ends
- Apr 2047
New loan
New conventional
$2,021/mo
+$896/mo- Down payment
- $27,765
- Funds due
- $35,042
- Interest + MI left
- $374,949
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,235 | $142,235 | $247,235 |
| Second mortgage | — | $105,000 | — |
| First P&I | $865.56 | $865.56 | $1,711.81 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $49.45 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,125.56 | $1,896.01 | $2,021.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,765
Closing costs & prepaids$10,299
Usable credit−$0
Total buyer cash needed$38,064
Earnest money paid−$0
Remaining funds due$38,064
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$711.17
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)$330.00
Prepaid interest, first (1 days)$16.37
Prepaid interest, second (1 days)$23.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing20 yr 5 moOf the original 30-year loan at 4.200%
Interest already paid$64,774Through Nov 2026
Assumption only · ends Apr 2047$69,828
Assumption + second · ends Apr 2047, second Dec 2056$242,191
New conventional · ends Dec 2056$374,949