Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $170,660
- Funds due
- $179,258
- Interest + MI left
- $30,462
- First ends
- Nov 2040
Assumption
Assumption + second
$2,023/mo
+$1,057/mo- Down payment
- $26,660
- Funds due
- $36,571
- Interest + MI left
- $266,846
- First ends
- Nov 2040
New loan
New conventional
$1,915/mo
+$949/mo- Down payment
- $26,660
- Funds due
- $33,827
- Interest + MI left
- $353,024
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,840 | $88,840 | $232,840 |
| Second mortgage | — | $144,000 | — |
| First P&I | $710.13 | $710.13 | $1,612.14 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $46.57 |
| Taxes, insurance & HOA | $256.33 | $256.33 | $256.33 |
| Total housing payment | $966.47 | $2,023.09 | $1,915.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,660
Closing costs & prepaids$9,911
Usable credit−$0
Total buyer cash needed$36,571
Earnest money paid−$0
Remaining funds due$36,571
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$444.20
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)$319.00
Prepaid interest, first (2 days)$21.52
Prepaid interest, second (2 days)$63.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing14 yrOf the original 30-year loan at 4.420%
Interest already paid$83,709Through Nov 2026
Assumption only · ends Nov 2040$30,462
Assumption + second · ends Nov 2040, second Dec 2056$266,846
New conventional · ends Dec 2056$353,024