Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$538/mo
Lowest payment- Down payment
- $124,463
- Funds due
- $131,982
- Interest + MI left
- $33,273
- First ends
- Jun 2049
Assumption
Assumption + second
$1,309/mo
+$770/mo- Down payment
- $19,463
- Funds due
- $28,278
- Interest + MI left
- $205,636
- First ends
- Jun 2049
New loan
New conventional
$1,378/mo
+$840/mo- Down payment
- $19,463
- Funds due
- $25,736
- Interest + MI left
- $254,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,537 | $62,537 | $167,537 |
| Second mortgage | — | $105,000 | — |
| First P&I | $353.54 | $353.54 | $1,159.99 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $33.51 |
| Taxes, insurance & HOA | $184.83 | $184.83 | $184.83 |
| Total housing payment | $538.38 | $1,308.83 | $1,378.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,463
Closing costs & prepaids$8,815
Usable credit−$0
Total buyer cash needed$28,278
Earnest money paid−$0
Remaining funds due$28,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,870.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$312.68
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)$104.50
Prepaid interest, first (2 days)$13.98
Prepaid interest, second (2 days)$46.03
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 closing22 yr 7 moOf the original 30-year loan at 4.080%
Interest already paid$20,659Through Nov 2026
Assumption only · ends Jun 2049$33,273
Assumption + second · ends Jun 2049, second Dec 2056$205,636
New conventional · ends Dec 2056$254,014