Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$626/mo
Lowest payment- Down payment
- $115,851
- Funds due
- $123,405
- Interest + MI left
- $27,132
- First ends
- Jun 2045
Assumption
Assumption + second
$1,406/mo
+$780/mo- Down payment
- $18,851
- Funds due
- $27,679
- Interest + MI left
- $211,106
- First ends
- Jun 2045
New loan
New conventional
$1,378/mo
+$752/mo- Down payment
- $18,851
- Funds due
- $25,104
- Interest + MI left
- $251,943
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,149 | $69,149 | $166,149 |
| Second mortgage | — | $97,000 | — |
| First P&I | $431.75 | $431.75 | $1,150.38 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $33.23 |
| Taxes, insurance & HOA | $194.25 | $194.25 | $194.25 |
| Total housing payment | $626.00 | $1,406.49 | $1,377.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,851
Closing costs & prepaids$8,828
Usable credit−$0
Total buyer cash needed$27,679
Earnest money paid−$0
Remaining funds due$27,679
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$345.74
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)$132.75
Prepaid interest, first (1 days)$7.14
Prepaid interest, second (1 days)$23.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing18 yr 7 moOf the original 30-year loan at 3.770%
Interest already paid$35,299Through Nov 2026
Assumption only · ends Jun 2045$27,132
Assumption + second · ends Jun 2045, second Dec 2056$211,106
New conventional · ends Dec 2056$251,943