Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,308/mo
Lowest payment- Down payment
- $128,724
- Funds due
- $137,582
- Interest + MI left
- $44,808
- First ends
- Jan 2041
Assumption
Assumption + second
$2,057/mo
+$748/mo- Down payment
- $26,724
- Funds due
- $36,854
- Interest + MI left
- $212,247
- First ends
- Jan 2041
New loan
New conventional
$1,934/mo
+$626/mo- Down payment
- $26,724
- Funds due
- $33,897
- Interest + MI left
- $353,685
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,276 | $131,276 | $233,276 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,035.79 | $1,035.79 | $1,615.16 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $46.66 |
| Taxes, insurance & HOA | $272.58 | $272.58 | $272.58 |
| Total housing payment | $1,308.37 | $2,056.81 | $1,934.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,724
Closing costs & prepaids$10,130
Usable credit−$0
Total buyer cash needed$36,854
Earnest money paid−$0
Remaining funds due$36,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$656.38
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)$367.75
Prepaid interest, first (1 days)$15.65
Prepaid interest, second (1 days)$22.36
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 closing14 yr 2 moOf the original 30-year loan at 4.350%
Interest already paid$120,007Through Nov 2026
Assumption only · ends Jan 2041$44,808
Assumption + second · ends Jan 2041, second Dec 2056$212,247
New conventional · ends Dec 2056$353,685