Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$904/mo
Lowest payment- Down payment
- $38,851
- Funds due
- $46,478
- Interest + MI left
- $44,865
- First ends
- Dec 2046
Assumption
Assumption + second
$1,219/mo
+$316/mo- Down payment
- $7,851
- Funds due
- $16,748
- Interest + MI left
- $127,586
- First ends
- Dec 2046
New loan
New conventional
$1,284/mo
+$380/mo- Down payment
- $7,851
- Funds due
- $14,063
- Interest + MI left
- $223,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,149 | $116,149 | $147,149 |
| Second mortgage | — | $31,000 | — |
| First P&I | $668.11 | $668.11 | $1,018.83 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $29.43 |
| Taxes, insurance & HOA | $235.42 | $235.42 | $235.42 |
| Total housing payment | $903.52 | $1,219.41 | $1,283.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,851
Closing costs & prepaids$8,897
Usable credit−$0
Total buyer cash needed$16,748
Earnest money paid−$0
Remaining funds due$16,748
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$580.74
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)$256.25
Prepaid interest, first (2 days)$21.89
Prepaid interest, second (2 days)$20.17
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 1 moOf the original 30-year loan at 3.440%
Interest already paid$45,754Through Nov 2026
Assumption only · ends Dec 2046$44,865
Assumption + second · ends Dec 2046, second Dec 2056$127,586
New conventional · ends Dec 2056$223,927