Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,111/mo
Lowest payment- Down payment
- $144,580
- Funds due
- $154,032
- Interest + MI left
- $13,547
- First ends
- Oct 2044
Assumption
Assumption + second
$1,999/mo
+$888/mo- Down payment
- $23,580
- Funds due
- $34,308
- Interest + MI left
- $212,175
- First ends
- Oct 2044
New loan
New conventional
$2,124/mo
+$1,013/mo- Down payment
- $23,580
- Funds due
- $31,609
- Interest + MI left
- $314,525
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,420 | $86,420 | $207,420 |
| Second mortgage | — | $121,000 | — |
| First P&I | $464.96 | $464.96 | $1,436.13 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $41.48 |
| Taxes, insurance & HOA | $645.92 | $645.92 | $645.92 |
| Total housing payment | $1,110.88 | $1,998.73 | $2,123.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,580
Closing costs & prepaids$10,728
Usable credit−$0
Total buyer cash needed$34,308
Earnest money paid−$0
Remaining funds due$34,308
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,310.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$432.10
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)$1,487.75
Prepaid interest, first (1 days)$3.93
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 11 moOf the original 30-year loan at 1.660%
Interest already paid$22,066Through Nov 2026
Assumption only · ends Oct 2044$13,547
Assumption + second · ends Oct 2044, second Dec 2056$212,175
New conventional · ends Dec 2056$314,525