Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $73,550
- Funds due
- $82,887
- Interest + MI left
- $88,996
- First ends
- Jun 2049
Assumption
Assumption + second
$1,770/mo
+$394/mo- Down payment
- $24,550
- Funds due
- $35,162
- Interest + MI left
- $181,931
- First ends
- Jun 2049
New loan
New conventional
$1,968/mo
+$592/mo- Down payment
- $24,550
- Funds due
- $32,067
- Interest + MI left
- $326,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,350 | $166,350 | $215,350 |
| Second mortgage | — | $49,000 | — |
| First P&I | $942.24 | $942.24 | $1,491.04 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $43.07 |
| Taxes, insurance & HOA | $433.83 | $433.83 | $433.83 |
| Total housing payment | $1,376.07 | $1,770.34 | $1,967.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,550
Closing costs & prepaids$10,612
Usable credit−$0
Total buyer cash needed$35,162
Earnest money paid−$0
Remaining funds due$35,162
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$831.75
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)$851.50
Prepaid interest, first (2 days)$37.37
Prepaid interest, second (2 days)$24.16
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 closing22 yr 7 moOf the original 30-year loan at 4.100%
Interest already paid$55,209Through Nov 2026
Assumption only · ends Jun 2049$88,996
Assumption + second · ends Jun 2049, second Dec 2056$181,931
New conventional · ends Dec 2056$326,550