Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $100,784
- Funds due
- $110,917
- Interest + MI left
- $85,413
- First ends
- May 2049
Assumption
Assumption + second
$2,173/mo
+$603/mo- Down payment
- $25,784
- Funds due
- $37,185
- Interest + MI left
- $227,661
- First ends
- May 2049
New loan
New conventional
$2,297/mo
+$728/mo- Down payment
- $25,784
- Funds due
- $34,148
- Interest + MI left
- $339,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,166 | $149,166 | $224,166 |
| Second mortgage | — | $75,000 | — |
| First P&I | $868.81 | $868.81 | $1,552.08 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $44.83 |
| Taxes, insurance & HOA | $700.58 | $700.58 | $700.58 |
| Total housing payment | $1,569.40 | $2,172.86 | $2,297.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,784
Closing costs & prepaids$11,401
Usable credit−$0
Total buyer cash needed$37,185
Earnest money paid−$0
Remaining funds due$37,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$745.83
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)$1,651.75
Prepaid interest, first (1 days)$17.86
Prepaid interest, second (1 days)$18.49
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 6 moOf the original 30-year loan at 4.370%
Interest already paid$53,245Through Nov 2026
Assumption only · ends May 2049$85,413
Assumption + second · ends May 2049, second Dec 2056$227,661
New conventional · ends Dec 2056$339,873