Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$922/mo
Lowest payment- Down payment
- $116,611
- Funds due
- $125,031
- Interest + MI left
- $48,093
- First ends
- Jun 2047
Assumption
Assumption + second
$1,687/mo
+$764/mo- Down payment
- $21,611
- Funds due
- $31,328
- Interest + MI left
- $228,274
- First ends
- Jun 2047
New loan
New conventional
$1,707/mo
+$785/mo- Down payment
- $21,611
- Funds due
- $28,586
- Interest + MI left
- $293,287
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,389 | $98,389 | $193,389 |
| Second mortgage | — | $95,000 | — |
| First P&I | $593.05 | $593.05 | $1,338.99 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $38.68 |
| Taxes, insurance & HOA | $329.17 | $329.17 | $329.17 |
| Total housing payment | $922.21 | $1,686.60 | $1,706.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,611
Closing costs & prepaids$9,717
Usable credit−$0
Total buyer cash needed$31,328
Earnest money paid−$0
Remaining funds due$31,328
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%)$491.94
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)$537.50
Prepaid interest, first (2 days)$22.37
Prepaid interest, second (2 days)$46.85
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 closing20 yr 7 moOf the original 30-year loan at 4.150%
Interest already paid$43,403Through Nov 2026
Assumption only · ends Jun 2047$48,093
Assumption + second · ends Jun 2047, second Dec 2056$228,274
New conventional · ends Dec 2056$293,287