Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $163,121
- Funds due
- $173,710
- Interest + MI left
- $58,747
- First ends
- Dec 2044
Assumption
Assumption + second
$2,576/mo
+$969/mo- Down payment
- $31,121
- Funds due
- $42,989
- Interest + MI left
- $275,432
- First ends
- Dec 2044
New loan
New conventional
$2,628/mo
+$1,021/mo- Down payment
- $31,121
- Funds due
- $39,945
- Interest + MI left
- $412,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,879 | $139,879 | $271,879 |
| Second mortgage | — | $132,000 | — |
| First P&I | $915.33 | $915.33 | $1,882.44 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $54.38 |
| Taxes, insurance & HOA | $691.67 | $691.67 | $691.67 |
| Total housing payment | $1,606.99 | $2,575.56 | $2,628.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,121
Closing costs & prepaids$11,867
Usable credit−$0
Total buyer cash needed$42,989
Earnest money paid−$0
Remaining funds due$42,989
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,030.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$699.39
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)$1,625.00
Prepaid interest, first (1 days)$15.79
Prepaid interest, second (1 days)$28.93
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 closing18 yr 1 moOf the original 30-year loan at 4.120%
Interest already paid$81,793Through Nov 2026
Assumption only · ends Dec 2044$58,747
Assumption + second · ends Dec 2044, second Dec 2056$275,432
New conventional · ends Dec 2056$412,214