Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$951/mo
Lowest payment- Down payment
- $170,748
- Funds due
- $179,908
- Interest + MI left
- $55,949
- First ends
- Feb 2048
Assumption
Assumption + second
$1,986/mo
+$1,035/mo- Down payment
- $29,748
- Funds due
- $40,436
- Interest + MI left
- $287,408
- First ends
- Feb 2048
New loan
New conventional
$2,074/mo
+$1,122/mo- Down payment
- $29,748
- Funds due
- $37,571
- Interest + MI left
- $379,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,252 | $118,252 | $259,252 |
| Second mortgage | — | $141,000 | — |
| First P&I | $685.83 | $685.83 | $1,756.26 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | — | — | $51.85 |
| Taxes, insurance & HOA | $265.58 | $265.58 | $265.58 |
| Total housing payment | $951.42 | $1,986.02 | $2,073.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,748
Closing costs & prepaids$10,688
Usable credit−$0
Total buyer cash needed$40,436
Earnest money paid−$0
Remaining funds due$40,436
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$591.26
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)$346.75
Prepaid interest, first (9 days)$114.30
Prepaid interest, second (9 days)$278.14
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 closing21 yr 2 moOf the original 30-year loan at 3.92%
Interest already paid$45,897Through Dec 2026
Assumption only · ends Feb 2048$55,949
Assumption + second · ends Feb 2048, second Jan 2057$287,408
New conventional · ends Jan 2057$379,017