Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$744/mo
Lowest payment- Down payment
- $60,931
- Funds due
- $68,154
- Interest + MI left
- $28,749
- First ends
- Nov 2043
Assumption
Assumption + second
$1,122/mo
+$378/mo- Down payment
- $13,931
- Funds due
- $22,427
- Interest + MI left
- $117,891
- First ends
- Nov 2043
New loan
New conventional
$1,093/mo
+$350/mo- Down payment
- $13,931
- Funds due
- $19,902
- Interest + MI left
- $177,449
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,069 | $70,069 | $117,069 |
| Second mortgage | — | $47,000 | — |
| First P&I | $484.40 | $484.40 | $810.56 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $23.41 |
| Taxes, insurance & HOA | $259.17 | $259.17 | $259.17 |
| Total housing payment | $743.57 | $1,121.74 | $1,093.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,931
Closing costs & prepaids$8,495
Usable credit−$0
Total buyer cash needed$22,427
Earnest money paid−$0
Remaining funds due$22,427
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,310.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$350.34
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)$327.50
Prepaid interest, first (2 days)$16.47
Prepaid interest, second (2 days)$23.18
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 closing17 yrOf the original 30-year loan at 4.290%
Interest already paid$47,635Through Nov 2026
Assumption only · ends Nov 2043$28,749
Assumption + second · ends Nov 2043, second Dec 2056$117,891
New conventional · ends Dec 2056$177,449