Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,568/mo
Lowest payment- Down payment
- $142,939
- Funds due
- $153,523
- Interest + MI left
- $63,146
- First ends
- Sep 2047
Assumption
Assumption + second
$2,404/mo
+$836/mo- Down payment
- $28,939
- Funds due
- $40,823
- Interest + MI left
- $250,283
- First ends
- Sep 2047
New loan
New conventional
$2,555/mo
+$988/mo- Down payment
- $28,939
- Funds due
- $37,827
- Interest + MI left
- $380,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,011 | $137,011 | $251,011 |
| Second mortgage | — | $114,000 | — |
| First P&I | $800.63 | $800.63 | $1,737.95 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $50.20 |
| Taxes, insurance & HOA | $767.17 | $767.17 | $767.17 |
| Total housing payment | $1,567.79 | $2,404.29 | $2,555.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,939
Closing costs & prepaids$11,883
Usable credit−$0
Total buyer cash needed$40,823
Earnest money paid−$0
Remaining funds due$40,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$685.05
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)$1,851.50
Prepaid interest, first (2 days)$29.20
Prepaid interest, second (2 days)$49.97
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 10 moOf the original 30-year loan at 3.890%
Interest already paid$55,130Through Nov 2026
Assumption only · ends Sep 2047$63,146
Assumption + second · ends Sep 2047, second Dec 2056$250,283
New conventional · ends Dec 2056$380,575