Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,835/mo
Lowest payment- Down payment
- $151,381
- Funds due
- $162,360
- Interest + MI left
- $64,246
- First ends
- Apr 2044
Assumption
Assumption + second
$2,723/mo
+$888/mo- Down payment
- $30,381
- Funds due
- $42,636
- Interest + MI left
- $262,874
- First ends
- Apr 2044
New loan
New conventional
$2,737/mo
+$902/mo- Down payment
- $30,381
- Funds due
- $39,557
- Interest + MI left
- $408,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,619 | $148,619 | $269,619 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,018.49 | $1,018.49 | $1,866.79 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $53.92 |
| Taxes, insurance & HOA | $816.58 | $816.58 | $816.58 |
| Total housing payment | $1,835.08 | $2,722.93 | $2,737.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,381
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$42,636
Earnest money paid−$0
Remaining funds due$42,636
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$743.09
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)$1,999.75
Prepaid interest, first (1 days)$17.87
Prepaid interest, second (1 days)$26.52
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 closing17 yr 5 moOf the original 30-year loan at 4.390%
Interest already paid$98,782Through Nov 2026
Assumption only · ends Apr 2044$64,246
Assumption + second · ends Apr 2044, second Dec 2056$262,874
New conventional · ends Dec 2056$408,841