Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,290/mo
Lowest payment- Down payment
- $129,284
- Funds due
- $138,208
- Interest + MI left
- $44,332
- First ends
- Jan 2041
Assumption
Assumption + second
$2,046/mo
+$756/mo- Down payment
- $26,284
- Funds due
- $36,661
- Interest + MI left
- $213,412
- First ends
- Jan 2041
New loan
New conventional
$1,884/mo
+$594/mo- Down payment
- $26,284
- Funds due
- $33,772
- Interest + MI left
- $341,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,716 | $130,716 | $233,716 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,035.79 | $1,035.79 | $1,583.27 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $46.74 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $1,289.79 | $2,045.56 | $1,884.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,284
Closing costs & prepaids$10,377
Usable credit−$0
Total buyer cash needed$36,661
Earnest money paid−$0
Remaining funds due$36,661
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$653.58
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)$312.00
Prepaid interest, first (9 days)$140.21
Prepaid interest, second (9 days)$203.18
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 closing14 yr 1 moOf the original 30-year loan at 4.35%
Interest already paid$120,483Through Dec 2026
Assumption only · ends Jan 2041$44,332
Assumption + second · ends Jan 2041, second Jan 2057$213,412
New conventional · ends Jan 2057$341,731