Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,083/mo
Lowest payment- Down payment
- $130,263
- Funds due
- $139,231
- Interest + MI left
- $59,270
- First ends
- Jun 2047
Assumption
Assumption + second
$1,853/mo
+$770/mo- Down payment
- $25,263
- Funds due
- $35,527
- Interest + MI left
- $231,633
- First ends
- Jun 2047
New loan
New conventional
$1,959/mo
+$876/mo- Down payment
- $25,263
- Funds due
- $32,650
- Interest + MI left
- $340,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,637 | $119,637 | $224,637 |
| Second mortgage | — | $105,000 | — |
| First P&I | $724.32 | $724.32 | $1,555.34 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $44.93 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $1,082.57 | $1,853.02 | $1,958.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,263
Closing costs & prepaids$10,263
Usable credit−$0
Total buyer cash needed$35,527
Earnest money paid−$0
Remaining funds due$35,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$598.18
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)$624.75
Prepaid interest, first (2 days)$27.53
Prepaid interest, second (2 days)$46.03
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 7 moOf the original 30-year loan at 4.200%
Interest already paid$53,368Through Nov 2026
Assumption only · ends Jun 2047$59,270
Assumption + second · ends Jun 2047, second Dec 2056$231,633
New conventional · ends Dec 2056$340,632