Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$805/mo
Lowest payment- Down payment
- $98,021
- Funds due
- $105,759
- Interest + MI left
- $31,647
- First ends
- Nov 2043
Assumption
Assumption + second
$1,449/mo
+$644/mo- Down payment
- $18,021
- Funds due
- $27,049
- Interest + MI left
- $183,379
- First ends
- Nov 2043
New loan
New conventional
$1,382/mo
+$577/mo- Down payment
- $18,021
- Funds due
- $24,465
- Interest + MI left
- $231,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,979 | $72,979 | $152,979 |
| Second mortgage | — | $80,000 | — |
| First P&I | $512.87 | $512.87 | $1,059.20 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $30.60 |
| Taxes, insurance & HOA | $292.50 | $292.50 | $292.50 |
| Total housing payment | $805.37 | $1,449.07 | $1,382.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,021
Closing costs & prepaids$9,028
Usable credit−$0
Total buyer cash needed$27,049
Earnest money paid−$0
Remaining funds due$27,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,710.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$364.90
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)$427.50
Prepaid interest, first (2 days)$18.03
Prepaid interest, second (2 days)$39.45
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 4.510%
Interest already paid$51,885Through Nov 2026
Assumption only · ends Nov 2043$31,647
Assumption + second · ends Nov 2043, second Dec 2056$183,379
New conventional · ends Dec 2056$231,911