Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$777/mo
Lowest payment- Down payment
- $81,721
- Funds due
- $89,370
- Interest + MI left
- $50,828
- First ends
- Feb 2049
Assumption
Assumption + second
$1,300/mo
+$523/mo- Down payment
- $16,721
- Funds due
- $25,636
- Interest + MI left
- $174,109
- First ends
- Feb 2049
New loan
New conventional
$1,313/mo
+$537/mo- Down payment
- $16,721
- Funds due
- $23,037
- Interest + MI left
- $217,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,179 | $78,179 | $143,179 |
| Second mortgage | — | $65,000 | — |
| First P&I | $483.17 | $483.17 | $991.34 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $28.64 |
| Taxes, insurance & HOA | $293.50 | $293.50 | $293.50 |
| Total housing payment | $776.67 | $1,299.68 | $1,313.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,721
Closing costs & prepaids$8,915
Usable credit−$0
Total buyer cash needed$25,636
Earnest money paid−$0
Remaining funds due$25,636
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$390.90
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)$430.50
Prepaid interest, first (1 days)$10.58
Prepaid interest, second (1 days)$16.03
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 3 moOf the original 30-year loan at 4.940%
Interest already paid$32,490Through Nov 2026
Assumption only · ends Feb 2049$50,828
Assumption + second · ends Feb 2049, second Dec 2056$174,109
New conventional · ends Dec 2056$217,055