Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,103/mo
Lowest payment- Down payment
- $98,323
- Funds due
- $106,792
- Interest + MI left
- $41,017
- First ends
- Jul 2043
Assumption
Assumption + second
$1,706/mo
+$603/mo- Down payment
- $23,323
- Funds due
- $33,079
- Interest + MI left
- $183,265
- First ends
- Jul 2043
New loan
New conventional
$1,707/mo
+$605/mo- Down payment
- $23,323
- Funds due
- $30,176
- Interest + MI left
- $310,366
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $129,677 | $129,677 | $204,677 |
| Second mortgage | — | $75,000 | — |
| First P&I | $853.47 | $853.47 | $1,417.14 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $40.94 |
| Taxes, insurance & HOA | $249.42 | $249.42 | $249.42 |
| Total housing payment | $1,102.89 | $1,706.35 | $1,707.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,323
Closing costs & prepaids$9,756
Usable credit−$0
Total buyer cash needed$33,079
Earnest money paid−$0
Remaining funds due$33,079
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$648.39
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)$298.25
Prepaid interest, first (2 days)$24.51
Prepaid interest, second (2 days)$36.99
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 closing16 yr 8 moOf the original 30-year loan at 3.450%
Interest already paid$74,982Through Nov 2026
Assumption only · ends Jul 2043$41,017
Assumption + second · ends Jul 2043, second Dec 2056$183,265
New conventional · ends Dec 2056$310,366