Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$931/mo
Lowest payment- Down payment
- $170,449
- Funds due
- $179,449
- Interest + MI left
- $56,336
- First ends
- Feb 2048
Assumption
Assumption + second
$1,966/mo
+$1,035/mo- Down payment
- $29,449
- Funds due
- $39,730
- Interest + MI left
- $287,795
- First ends
- Feb 2048
New loan
New conventional
$2,094/mo
+$1,163/mo- Down payment
- $29,449
- Funds due
- $36,809
- Interest + MI left
- $393,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,551 | $118,551 | $259,551 |
| Second mortgage | — | $141,000 | — |
| First P&I | $685.83 | $685.83 | $1,797.08 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | — | — | $51.91 |
| Taxes, insurance & HOA | $245.50 | $245.50 | $245.50 |
| Total housing payment | $931.33 | $1,965.94 | $2,094.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,449
Closing costs & prepaids$10,281
Usable credit−$0
Total buyer cash needed$39,730
Earnest money paid−$0
Remaining funds due$39,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$592.75
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)$286.50
Prepaid interest, first (1 days)$12.73
Prepaid interest, second (1 days)$30.90
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 closing21 yr 3 moOf the original 30-year loan at 3.920%
Interest already paid$45,510Through Nov 2026
Assumption only · ends Feb 2048$56,336
Assumption + second · ends Feb 2048, second Dec 2056$287,795
New conventional · ends Dec 2056$393,575