Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,365/mo
Lowest payment- Down payment
- $132,441
- Funds due
- $142,249
- Interest + MI left
- $95,275
- First ends
- Jun 2049
Assumption
Assumption + second
$2,114/mo
+$748/mo- Down payment
- $30,441
- Funds due
- $41,521
- Interest + MI left
- $262,713
- First ends
- Jun 2049
New loan
New conventional
$2,312/mo
+$947/mo- Down payment
- $30,441
- Funds due
- $38,354
- Interest + MI left
- $407,234
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,559 | $166,559 | $268,559 |
| Second mortgage | — | $102,000 | — |
| First P&I | $966.18 | $966.18 | $1,859.45 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $53.71 |
| Taxes, insurance & HOA | $399.17 | $399.17 | $399.17 |
| Total housing payment | $1,365.34 | $2,113.78 | $2,312.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,441
Closing costs & prepaids$11,081
Usable credit−$0
Total buyer cash needed$41,521
Earnest money paid−$0
Remaining funds due$41,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$832.80
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)$747.50
Prepaid interest, first (1 days)$19.85
Prepaid interest, second (1 days)$22.36
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 closing22 yr 7 moOf the original 30-year loan at 4.350%
Interest already paid$58,464Through Nov 2026
Assumption only · ends Jun 2049$95,275
Assumption + second · ends Jun 2049, second Dec 2056$262,713
New conventional · ends Dec 2056$407,234