Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$656/mo
Lowest payment- Down payment
- $116,066
- Funds due
- $123,764
- Interest + MI left
- $26,915
- First ends
- Jun 2045
Assumption
Assumption + second
$1,436/mo
+$780/mo- Down payment
- $19,066
- Funds due
- $28,230
- Interest + MI left
- $210,889
- First ends
- Jun 2045
New loan
New conventional
$1,381/mo
+$726/mo- Down payment
- $19,066
- Funds due
- $25,666
- Interest + MI left
- $242,590
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,934 | $68,934 | $165,934 |
| Second mortgage | — | $97,000 | — |
| First P&I | $431.75 | $431.75 | $1,124.09 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $33.19 |
| Taxes, insurance & HOA | $224.00 | $224.00 | $224.00 |
| Total housing payment | $655.75 | $1,436.24 | $1,381.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,066
Closing costs & prepaids$9,164
Usable credit−$0
Total buyer cash needed$28,230
Earnest money paid−$0
Remaining funds due$28,230
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$344.67
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)$222.00
Prepaid interest, first (9 days)$64.08
Prepaid interest, second (9 days)$215.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 6 moOf the original 30-year loan at 3.77%
Interest already paid$35,516Through Dec 2026
Assumption only · ends Jun 2045$26,915
Assumption + second · ends Jun 2045, second Jan 2057$210,889
New conventional · ends Jan 2057$242,590