Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$762/mo
Lowest payment- Down payment
- $70,887
- Funds due
- $78,460
- Interest + MI left
- $53,777
- First ends
- Jul 2049
Assumption
Assumption + second
$1,188/mo
+$426/mo- Down payment
- $17,887
- Funds due
- $26,723
- Interest + MI left
- $154,299
- First ends
- Jul 2049
New loan
New conventional
$1,283/mo
+$521/mo- Down payment
- $17,887
- Funds due
- $24,012
- Interest + MI left
- $230,447
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,013 | $99,013 | $152,013 |
| Second mortgage | — | $53,000 | — |
| First P&I | $561.73 | $561.73 | $1,052.51 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $30.40 |
| Taxes, insurance & HOA | $199.83 | $199.83 | $199.83 |
| Total housing payment | $761.56 | $1,188.01 | $1,282.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,887
Closing costs & prepaids$8,836
Usable credit−$0
Total buyer cash needed$26,723
Earnest money paid−$0
Remaining funds due$26,723
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$495.07
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)$149.50
Prepaid interest, first (1 days)$11.23
Prepaid interest, second (1 days)$13.07
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 closing22 yr 8 moOf the original 30-year loan at 4.140%
Interest already paid$32,749Through Nov 2026
Assumption only · ends Jul 2049$53,777
Assumption + second · ends Jul 2049, second Dec 2056$154,299
New conventional · ends Dec 2056$230,447