Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$530/mo
Lowest payment- Down payment
- $171,057
- Funds due
- $178,940
- Interest + MI left
- $13,889
- First ends
- May 2043
Assumption
Assumption + second
$1,623/mo
+$1,093/mo- Down payment
- $22,057
- Funds due
- $31,484
- Interest + MI left
- $258,481
- First ends
- May 2043
New loan
New conventional
$1,582/mo
+$1,052/mo- Down payment
- $22,057
- Funds due
- $29,011
- Interest + MI left
- $282,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,943 | $43,943 | $192,943 |
| Second mortgage | — | $149,000 | — |
| First P&I | $293.57 | $293.57 | $1,307.06 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $38.59 |
| Taxes, insurance & HOA | $236.00 | $236.00 | $236.00 |
| Total housing payment | $529.57 | $1,622.88 | $1,581.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,057
Closing costs & prepaids$9,428
Usable credit−$0
Total buyer cash needed$31,484
Earnest money paid−$0
Remaining funds due$31,484
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$219.72
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)$258.00
Prepaid interest, first (9 days)$37.92
Prepaid interest, second (9 days)$293.92
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 closing16 yr 5 moOf the original 30-year loan at 3.5%
Interest already paid$26,419Through Dec 2026
Assumption only · ends May 2043$13,889
Assumption + second · ends May 2043, second Jan 2057$258,481
New conventional · ends Jan 2057$282,076