Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$686/mo
Lowest payment- Down payment
- $137,114
- Funds due
- $145,154
- Interest + MI left
- $29,696
- First ends
- Oct 2047
Assumption
Assumption + second
$1,544/mo
+$859/mo- Down payment
- $20,114
- Funds due
- $29,429
- Interest + MI left
- $221,758
- First ends
- Oct 2047
New loan
New conventional
$1,598/mo
+$913/mo- Down payment
- $20,114
- Funds due
- $26,874
- Interest + MI left
- $272,808
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,885 | $62,885 | $179,885 |
| Second mortgage | — | $117,000 | — |
| First P&I | $368.85 | $368.85 | $1,245.49 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $35.98 |
| Taxes, insurance & HOA | $316.67 | $316.67 | $316.67 |
| Total housing payment | $685.52 | $1,544.02 | $1,598.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,114
Closing costs & prepaids$9,315
Usable credit−$0
Total buyer cash needed$29,429
Earnest money paid−$0
Remaining funds due$29,429
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%)$314.42
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 (1 days)$6.82
Prepaid interest, second (1 days)$25.64
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 closing20 yr 11 moOf the original 30-year loan at 3.960%
Interest already paid$25,455Through Nov 2026
Assumption only · ends Oct 2047$29,696
Assumption + second · ends Oct 2047, second Dec 2056$221,758
New conventional · ends Dec 2056$272,808