Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,221/mo
Lowest payment- Down payment
- $158,548
- Funds due
- $168,235
- Interest + MI left
- $64,918
- First ends
- Sep 2047
Assumption
Assumption + second
$2,160/mo
+$939/mo- Down payment
- $30,548
- Funds due
- $41,541
- Interest + MI left
- $275,037
- First ends
- Sep 2047
New loan
New conventional
$2,312/mo
+$1,091/mo- Down payment
- $30,548
- Funds due
- $38,514
- Interest + MI left
- $407,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,452 | $140,452 | $268,452 |
| Second mortgage | — | $128,000 | — |
| First P&I | $821.48 | $821.48 | $1,858.71 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $53.69 |
| Taxes, insurance & HOA | $399.17 | $399.17 | $399.17 |
| Total housing payment | $1,220.65 | $2,159.87 | $2,311.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,548
Closing costs & prepaids$10,994
Usable credit−$0
Total buyer cash needed$41,541
Earnest money paid−$0
Remaining funds due$41,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$702.26
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)$747.50
Prepaid interest, first (2 days)$30.01
Prepaid interest, second (2 days)$56.11
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 10 moOf the original 30-year loan at 3.900%
Interest already paid$56,650Through Nov 2026
Assumption only · ends Sep 2047$64,918
Assumption + second · ends Sep 2047, second Dec 2056$275,037
New conventional · ends Dec 2056$407,072