Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,080/mo
Lowest payment- Down payment
- $148,226
- Funds due
- $157,451
- Interest + MI left
- $48,768
- First ends
- Jan 2047
Assumption
Assumption + second
$1,967/mo
+$888/mo- Down payment
- $27,226
- Funds due
- $37,754
- Interest + MI left
- $247,396
- First ends
- Jan 2047
New loan
New conventional
$2,104/mo
+$1,025/mo- Down payment
- $27,226
- Funds due
- $34,852
- Interest + MI left
- $368,183
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,774 | $121,774 | $242,774 |
| Second mortgage | — | $121,000 | — |
| First P&I | $704.72 | $704.72 | $1,680.92 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $48.55 |
| Taxes, insurance & HOA | $374.92 | $374.92 | $374.92 |
| Total housing payment | $1,079.64 | $1,967.49 | $2,104.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,226
Closing costs & prepaids$10,528
Usable credit−$0
Total buyer cash needed$37,754
Earnest money paid−$0
Remaining funds due$37,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$608.87
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)$674.75
Prepaid interest, first (2 days)$23.62
Prepaid interest, second (2 days)$53.04
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 2 moOf the original 30-year loan at 3.540%
Interest already paid$48,771Through Nov 2026
Assumption only · ends Jan 2047$48,768
Assumption + second · ends Jan 2047, second Dec 2056$247,396
New conventional · ends Dec 2056$368,183