Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$492/mo
Lowest payment- Down payment
- $170,892
- Funds due
- $178,631
- Interest + MI left
- $14,018
- First ends
- May 2043
Assumption
Assumption + second
$1,586/mo
+$1,093/mo- Down payment
- $21,892
- Funds due
- $30,914
- Interest + MI left
- $258,609
- First ends
- May 2043
New loan
New conventional
$1,574/mo
+$1,082/mo- Down payment
- $21,892
- Funds due
- $28,434
- Interest + MI left
- $292,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,108 | $44,108 | $193,108 |
| Second mortgage | — | $149,000 | — |
| First P&I | $293.57 | $293.57 | $1,337.04 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $38.62 |
| Taxes, insurance & HOA | $198.83 | $198.83 | $198.83 |
| Total housing payment | $492.40 | $1,585.71 | $1,574.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,892
Closing costs & prepaids$9,022
Usable credit−$0
Total buyer cash needed$30,914
Earnest money paid−$0
Remaining funds due$30,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$220.54
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)$146.50
Prepaid interest, first (1 days)$4.23
Prepaid interest, second (1 days)$32.66
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 closing16 yr 6 moOf the original 30-year loan at 3.500%
Interest already paid$26,290Through Nov 2026
Assumption only · ends May 2043$14,018
Assumption + second · ends May 2043, second Dec 2056$258,609
New conventional · ends Dec 2056$292,823