Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $149,601
- Funds due
- $157,845
- Interest + MI left
- $25,782
- First ends
- Feb 2038
Assumption
Assumption + second
$1,944/mo
+$939/mo- Down payment
- $21,601
- Funds due
- $31,123
- Interest + MI left
- $235,901
- First ends
- Feb 2038
New loan
New conventional
$1,707/mo
+$702/mo- Down payment
- $21,601
- Funds due
- $28,537
- Interest + MI left
- $293,303
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $65,399 | $65,399 | $193,399 |
| Second mortgage | — | $128,000 | — |
| First P&I | $675.41 | $675.41 | $1,339.06 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $38.68 |
| Taxes, insurance & HOA | $329.17 | $329.17 | $329.17 |
| Total housing payment | $1,004.58 | $1,943.80 | $1,706.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,601
Closing costs & prepaids$9,522
Usable credit−$0
Total buyer cash needed$31,123
Earnest money paid−$0
Remaining funds due$31,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$326.99
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)$537.50
Prepaid interest, first (1 days)$11.18
Prepaid interest, second (1 days)$28.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing11 yr 3 moOf the original 30-year loan at 6.240%
Interest already paid$107,555Through Nov 2026
Assumption only · ends Feb 2038$25,782
Assumption + second · ends Feb 2038, second Dec 2056$235,901
New conventional · ends Dec 2056$293,303