Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$925/mo
Lowest payment- Down payment
- $107,021
- Funds due
- $115,228
- Interest + MI left
- $78,075
- First ends
- Jan 2049
Assumption
Assumption + second
$1,601/mo
+$676/mo- Down payment
- $23,021
- Funds due
- $32,499
- Interest + MI left
- $237,393
- First ends
- Jan 2049
New loan
New conventional
$1,644/mo
+$718/mo- Down payment
- $23,021
- Funds due
- $29,616
- Interest + MI left
- $313,746
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,879 | $122,879 | $206,879 |
| Second mortgage | — | $84,000 | — |
| First P&I | $755.47 | $755.47 | $1,432.39 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $41.38 |
| Taxes, insurance & HOA | $169.75 | $169.75 | $169.75 |
| Total housing payment | $925.22 | $1,601.10 | $1,643.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,021
Closing costs & prepaids$9,478
Usable credit−$0
Total buyer cash needed$32,499
Earnest money paid−$0
Remaining funds due$32,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$614.39
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)$59.25
Prepaid interest, first (1 days)$16.36
Prepaid interest, second (1 days)$20.71
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 2 moOf the original 30-year loan at 4.860%
Interest already paid$50,893Through Nov 2026
Assumption only · ends Jan 2049$78,075
Assumption + second · ends Jan 2049, second Dec 2056$237,393
New conventional · ends Dec 2056$313,746