Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,387/mo
Lowest payment- Down payment
- $116,352
- Funds due
- $126,301
- Interest + MI left
- $87,284
- First ends
- Dec 2049
Assumption
Assumption + second
$2,079/mo
+$692/mo- Down payment
- $30,352
- Funds due
- $41,593
- Interest + MI left
- $250,396
- First ends
- Dec 2049
New loan
New conventional
$2,330/mo
+$943/mo- Down payment
- $30,352
- Funds due
- $38,359
- Interest + MI left
- $408,885
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,648 | $183,648 | $269,648 |
| Second mortgage | — | $86,000 | — |
| First P&I | $978.10 | $978.10 | $1,866.99 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $53.93 |
| Taxes, insurance & HOA | $408.67 | $408.67 | $408.67 |
| Total housing payment | $1,386.76 | $2,078.74 | $2,329.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,352
Closing costs & prepaids$11,241
Usable credit−$0
Total buyer cash needed$41,593
Earnest money paid−$0
Remaining funds due$41,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$918.24
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)$776.00
Prepaid interest, first (2 days)$36.33
Prepaid interest, second (2 days)$42.41
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 closing23 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$49,962Through Nov 2026
Assumption only · ends Dec 2049$87,284
Assumption + second · ends Dec 2049, second Dec 2056$250,396
New conventional · ends Dec 2056$408,885