Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$827/mo
Lowest payment- Down payment
- $164,812
- Funds due
- $173,420
- Interest + MI left
- $36,503
- First ends
- Jan 2046
Assumption
Assumption + second
$1,847/mo
+$1,020/mo- Down payment
- $25,812
- Funds due
- $35,700
- Interest + MI left
- $264,679
- First ends
- Jan 2046
New loan
New conventional
$1,909/mo
+$1,082/mo- Down payment
- $25,812
- Funds due
- $32,955
- Interest + MI left
- $347,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,188 | $90,188 | $229,188 |
| Second mortgage | — | $139,000 | — |
| First P&I | $550.83 | $550.83 | $1,586.85 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $45.84 |
| Taxes, insurance & HOA | $276.58 | $276.58 | $276.58 |
| Total housing payment | $827.42 | $1,847.35 | $1,909.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,812
Closing costs & prepaids$9,888
Usable credit−$0
Total buyer cash needed$35,700
Earnest money paid−$0
Remaining funds due$35,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$450.94
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)$379.75
Prepaid interest, first (1 days)$9.29
Prepaid interest, second (1 days)$30.47
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 closing19 yr 2 moOf the original 30-year loan at 3.760%
Interest already paid$43,002Through Nov 2026
Assumption only · ends Jan 2046$36,503
Assumption + second · ends Jan 2046, second Dec 2056$264,679
New conventional · ends Dec 2056$347,533