Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,288/mo
Lowest payment- Down payment
- $155,692
- Funds due
- $164,882
- Interest + MI left
- $39,161
- First ends
- Nov 2040
Assumption
Assumption + second
$2,227/mo
+$939/mo- Down payment
- $27,692
- Funds due
- $38,188
- Interest + MI left
- $249,280
- First ends
- Nov 2040
New loan
New conventional
$2,100/mo
+$813/mo- Down payment
- $27,692
- Funds due
- $35,312
- Interest + MI left
- $367,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,208 | $114,208 | $242,208 |
| Second mortgage | — | $128,000 | — |
| First P&I | $912.91 | $912.91 | $1,677.00 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $48.44 |
| Taxes, insurance & HOA | $374.92 | $374.92 | $374.92 |
| Total housing payment | $1,287.83 | $2,227.05 | $2,100.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,692
Closing costs & prepaids$10,497
Usable credit−$0
Total buyer cash needed$38,188
Earnest money paid−$0
Remaining funds due$38,188
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$571.04
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)$674.75
Prepaid interest, first (2 days)$27.66
Prepaid interest, second (2 days)$56.11
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$107,612Through Nov 2026
Assumption only · ends Nov 2040$39,161
Assumption + second · ends Nov 2040, second Dec 2056$249,280
New conventional · ends Dec 2056$367,228