Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$915/mo
Lowest payment- Down payment
- $128,289
- Funds due
- $136,679
- Interest + MI left
- $32,299
- First ends
- Jul 2043
Assumption
Assumption + second
$1,686/mo
+$770/mo- Down payment
- $23,289
- Funds due
- $33,136
- Interest + MI left
- $204,662
- First ends
- Jul 2043
New loan
New conventional
$1,684/mo
+$768/mo- Down payment
- $23,289
- Funds due
- $30,423
- Interest + MI left
- $302,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,711 | $101,711 | $206,711 |
| Second mortgage | — | $105,000 | — |
| First P&I | $673.42 | $673.42 | $1,400.33 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $41.34 |
| Taxes, insurance & HOA | $242.00 | $242.00 | $242.00 |
| Total housing payment | $915.42 | $1,685.87 | $1,683.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,289
Closing costs & prepaids$9,847
Usable credit−$0
Total buyer cash needed$33,136
Earnest money paid−$0
Remaining funds due$33,136
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$508.55
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)$276.00
Prepaid interest, first (9 days)$87.28
Prepaid interest, second (9 days)$207.12
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 7 moOf the original 30-year loan at 3.48%
Interest already paid$59,791Through Dec 2026
Assumption only · ends Jul 2043$32,299
Assumption + second · ends Jul 2043, second Jan 2057$204,662
New conventional · ends Jan 2057$302,246