Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
+$39/mo- Down payment
- $38,677
- Funds due
- $47,754
- Interest + MI left
- $41,149
- First ends
- Jan 2039
Assumption
Assumption + second
$2,239/mo
+$304/mo- Down payment
- $12,677
- Funds due
- $23,013
- Interest + MI left
- $110,528
- First ends
- Jan 2039
New loan
New conventional
$1,936/mo
Lowest payment- Down payment
- $12,677
- Funds due
- $19,809
- Interest + MI left
- $360,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,223 | $211,223 | $237,223 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $1,642.48 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $47.44 |
| Taxes, insurance & HOA | $245.67 | $245.67 | $245.67 |
| Total housing payment | $1,974.24 | $2,239.18 | $1,935.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,677
Closing costs & prepaids$10,336
Usable credit−$0
Total buyer cash needed$23,013
Earnest money paid−$0
Remaining funds due$23,013
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%)$1,056.12
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)$287.00
Prepaid interest, first (1 days)$17.36
Prepaid interest, second (1 days)$8.46
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 closing12 yr 2 moOf the original 30-year loan at 3.000%
Interest already paid$171,138Through Nov 2026
Assumption only · ends Jan 2039$41,149
Assumption + second · ends Jan 2039, second Dec 2056$110,528
New conventional · ends Dec 2056$360,998