Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$704/mo
Lowest payment- Down payment
- $151,378
- Funds due
- $159,716
- Interest + MI left
- $30,565
- First ends
- Jul 2047
Assumption
Assumption + second
$1,621/mo
+$917/mo- Down payment
- $26,378
- Funds due
- $36,020
- Interest + MI left
- $235,759
- First ends
- Jul 2047
New loan
New conventional
$1,790/mo
+$1,086/mo- Down payment
- $26,378
- Funds due
- $33,221
- Interest + MI left
- $346,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,222 | $103,222 | $228,222 |
| Second mortgage | — | $125,000 | — |
| First P&I | $539.47 | $539.47 | $1,580.16 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $45.64 |
| Taxes, insurance & HOA | $164.25 | $164.25 | $164.25 |
| Total housing payment | $703.72 | $1,620.92 | $1,790.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,378
Closing costs & prepaids$9,642
Usable credit−$0
Total buyer cash needed$36,020
Earnest money paid−$0
Remaining funds due$36,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,546.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$516.11
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)$42.75
Prepaid interest, first (2 days)$14.82
Prepaid interest, second (2 days)$54.79
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 8 moOf the original 30-year loan at 2.620%
Interest already paid$29,242Through Nov 2026
Assumption only · ends Jul 2047$30,565
Assumption + second · ends Jul 2047, second Dec 2056$235,759
New conventional · ends Dec 2056$346,023