Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$780/mo
Lowest payment- Down payment
- $71,107
- Funds due
- $78,823
- Interest + MI left
- $53,436
- First ends
- Jul 2049
Assumption
Assumption + second
$1,214/mo
+$434/mo- Down payment
- $17,107
- Funds due
- $26,193
- Interest + MI left
- $155,854
- First ends
- Jul 2049
New loan
New conventional
$1,284/mo
+$504/mo- Down payment
- $17,107
- Funds due
- $23,534
- Interest + MI left
- $223,409
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,793 | $98,793 | $152,793 |
| Second mortgage | — | $54,000 | — |
| First P&I | $561.73 | $561.73 | $1,035.07 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $30.56 |
| Taxes, insurance & HOA | $218.00 | $218.00 | $218.00 |
| Total housing payment | $779.73 | $1,214.23 | $1,283.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,107
Closing costs & prepaids$9,086
Usable credit−$0
Total buyer cash needed$26,193
Earnest money paid−$0
Remaining funds due$26,193
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$493.97
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)$204.00
Prepaid interest, first (9 days)$100.85
Prepaid interest, second (9 days)$119.84
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 closing22 yr 7 moOf the original 30-year loan at 4.14%
Interest already paid$33,091Through Dec 2026
Assumption only · ends Jul 2049$53,436
Assumption + second · ends Jul 2049, second Jan 2057$155,854
New conventional · ends Jan 2057$223,409