Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,367/mo
Lowest payment- Down payment
- $123,925
- Funds due
- $133,562
- Interest + MI left
- $28,155
- First ends
- Dec 2042
Assumption
Assumption + second
$2,115/mo
+$748/mo- Down payment
- $21,925
- Funds due
- $32,857
- Interest + MI left
- $195,594
- First ends
- Dec 2042
New loan
New conventional
$2,124/mo
+$758/mo- Down payment
- $21,925
- Funds due
- $30,155
- Interest + MI left
- $292,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,075 | $91,075 | $193,075 |
| Second mortgage | — | $102,000 | — |
| First P&I | $617.77 | $617.77 | $1,336.81 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $38.62 |
| Taxes, insurance & HOA | $748.75 | $748.75 | $748.75 |
| Total housing payment | $1,366.52 | $2,114.96 | $2,124.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,925
Closing costs & prepaids$10,932
Usable credit−$0
Total buyer cash needed$32,857
Earnest money paid−$0
Remaining funds due$32,857
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%)$455.37
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)$1,796.25
Prepaid interest, first (2 days)$17.47
Prepaid interest, second (2 days)$44.71
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 closing16 yr 1 moOf the original 30-year loan at 3.500%
Interest already paid$56,668Through Nov 2026
Assumption only · ends Dec 2042$28,155
Assumption + second · ends Dec 2042, second Dec 2056$195,594
New conventional · ends Dec 2056$292,773