Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$920/mo
Lowest payment- Down payment
- $179,191
- Funds due
- $187,434
- Interest + MI left
- $26,718
- First ends
- Mar 2038
Assumption
Assumption + second
$2,050/mo
+$1,130/mo- Down payment
- $25,191
- Funds due
- $34,717
- Interest + MI left
- $279,517
- First ends
- Mar 2038
New loan
New conventional
$1,804/mo
+$884/mo- Down payment
- $25,191
- Funds due
- $32,069
- Interest + MI left
- $340,786
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,709 | $70,709 | $224,709 |
| Second mortgage | — | $154,000 | — |
| First P&I | $716.38 | $716.38 | $1,555.84 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $44.94 |
| Taxes, insurance & HOA | $203.58 | $203.58 | $203.58 |
| Total housing payment | $919.96 | $2,049.96 | $1,804.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,191
Closing costs & prepaids$9,527
Usable credit−$0
Total buyer cash needed$34,717
Earnest money paid−$0
Remaining funds due$34,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$353.55
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)$160.75
Prepaid interest, first (1 days)$11.55
Prepaid interest, second (1 days)$33.75
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 closing11 yr 4 moOf the original 30-year loan at 5.960%
Interest already paid$111,178Through Nov 2026
Assumption only · ends Mar 2038$26,718
Assumption + second · ends Mar 2038, second Dec 2056$279,517
New conventional · ends Dec 2056$340,786