Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,288/mo
Lowest payment- Down payment
- $116,531
- Funds due
- $125,758
- Interest + MI left
- $112,544
- First ends
- Feb 2049
Assumption
Assumption + second
$1,988/mo
+$700/mo- Down payment
- $29,531
- Funds due
- $40,030
- Interest + MI left
- $277,552
- First ends
- Feb 2049
New loan
New conventional
$2,089/mo
+$801/mo- Down payment
- $29,531
- Funds due
- $36,808
- Interest + MI left
- $402,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,469 | $178,469 | $265,469 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,089.94 | $1,089.94 | $1,838.05 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $53.09 |
| Taxes, insurance & HOA | $197.67 | $197.67 | $197.67 |
| Total housing payment | $1,287.60 | $1,987.62 | $2,088.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,531
Closing costs & prepaids$10,498
Usable credit−$0
Total buyer cash needed$40,030
Earnest money paid−$0
Remaining funds due$40,030
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$892.34
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)$143.00
Prepaid interest, first (1 days)$23.52
Prepaid interest, second (1 days)$21.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 4.810%
Interest already paid$72,333Through Nov 2026
Assumption only · ends Feb 2049$112,544
Assumption + second · ends Feb 2049, second Dec 2056$277,552
New conventional · ends Dec 2056$402,602