Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$676/mo
Lowest payment- Down payment
- $165,618
- Funds due
- $173,962
- Interest + MI left
- $41,465
- First ends
- Sep 2049
Assumption
Assumption + second
$1,703/mo
+$1,027/mo- Down payment
- $25,618
- Funds due
- $35,243
- Interest + MI left
- $271,282
- First ends
- Sep 2049
New loan
New conventional
$1,812/mo
+$1,136/mo- Down payment
- $25,618
- Funds due
- $32,533
- Interest + MI left
- $338,684
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,382 | $83,382 | $223,382 |
| Second mortgage | — | $140,000 | — |
| First P&I | $455.65 | $455.65 | $1,546.65 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $44.68 |
| Taxes, insurance & HOA | $220.33 | $220.33 | $220.33 |
| Total housing payment | $675.98 | $1,703.25 | $1,811.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,618
Closing costs & prepaids$9,625
Usable credit−$0
Total buyer cash needed$35,243
Earnest money paid−$0
Remaining funds due$35,243
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$416.91
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)$211.00
Prepaid interest, first (1 days)$8.68
Prepaid interest, second (1 days)$30.68
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 10 moOf the original 30-year loan at 3.800%
Interest already paid$24,781Through Nov 2026
Assumption only · ends Sep 2049$41,465
Assumption + second · ends Sep 2049, second Dec 2056$271,282
New conventional · ends Dec 2056$338,684