Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$706/mo
Lowest payment- Down payment
- $126,415
- Funds due
- $134,515
- Interest + MI left
- $34,680
- First ends
- Jan 2050
Assumption
Assumption + second
$1,484/mo
+$778/mo- Down payment
- $20,415
- Funds due
- $29,812
- Interest + MI left
- $208,684
- First ends
- Jan 2050
New loan
New conventional
$1,596/mo
+$890/mo- Down payment
- $20,415
- Funds due
- $27,209
- Interest + MI left
- $272,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,584 | $73,584 | $179,584 |
| Second mortgage | — | $106,000 | — |
| First P&I | $389.44 | $389.44 | $1,243.40 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $35.92 |
| Taxes, insurance & HOA | $316.67 | $316.67 | $316.67 |
| Total housing payment | $706.10 | $1,483.90 | $1,595.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,415
Closing costs & prepaids$9,397
Usable credit−$0
Total buyer cash needed$29,812
Earnest money paid−$0
Remaining funds due$29,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$367.92
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)$500.00
Prepaid interest, first (2 days)$14.39
Prepaid interest, second (2 days)$46.47
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 closing23 yr 2 moOf the original 30-year loan at 3.570%
Interest already paid$19,542Through Nov 2026
Assumption only · ends Jan 2050$34,680
Assumption + second · ends Jan 2050, second Dec 2056$208,684
New conventional · ends Dec 2056$272,315