Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$574/mo
Lowest payment- Down payment
- $182,293
- Funds due
- $190,316
- Interest + MI left
- $21,869
- First ends
- Dec 2043
Assumption
Assumption + second
$1,733/mo
+$1,159/mo- Down payment
- $24,293
- Funds due
- $33,635
- Interest + MI left
- $281,234
- First ends
- Dec 2043
New loan
New conventional
$1,711/mo
+$1,137/mo- Down payment
- $24,293
- Funds due
- $31,090
- Interest + MI left
- $319,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,607 | $52,607 | $210,607 |
| Second mortgage | — | $158,000 | — |
| First P&I | $363.30 | $363.30 | $1,458.20 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $42.12 |
| Taxes, insurance & HOA | $210.33 | $210.33 | $210.33 |
| Total housing payment | $573.63 | $1,732.98 | $1,710.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,293
Closing costs & prepaids$9,343
Usable credit−$0
Total buyer cash needed$33,635
Earnest money paid−$0
Remaining funds due$33,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$263.04
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)$181.00
Prepaid interest, first (2 days)$12.45
Prepaid interest, second (2 days)$69.26
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 closing17 yr 1 moOf the original 30-year loan at 4.320%
Interest already paid$35,680Through Nov 2026
Assumption only · ends Dec 2043$21,869
Assumption + second · ends Dec 2043, second Dec 2056$281,234
New conventional · ends Dec 2056$319,315