Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $176,868
- Funds due
- $186,321
- Interest + MI left
- $74,054
- First ends
- Jul 2048
Assumption
Assumption + second
$2,138/mo
+$1,064/mo- Down payment
- $31,868
- Funds due
- $42,762
- Interest + MI left
- $312,079
- First ends
- Jul 2048
New loan
New conventional
$2,214/mo
+$1,140/mo- Down payment
- $31,868
- Funds due
- $39,775
- Interest + MI left
- $406,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,132 | $133,132 | $278,132 |
| Second mortgage | — | $145,000 | — |
| First P&I | $799.95 | $799.95 | $1,884.16 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $55.63 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,073.95 | $2,137.90 | $2,213.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,868
Closing costs & prepaids$10,894
Usable credit−$0
Total buyer cash needed$42,762
Earnest money paid−$0
Remaining funds due$42,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$665.66
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)$372.00
Prepaid interest, first (6 days)$97.17
Prepaid interest, second (6 days)$190.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 4.44%
Interest already paid$54,931Through Dec 2026
Assumption only · ends Jul 2048$74,054
Assumption + second · ends Jul 2048, second Jan 2057$312,079
New conventional · ends Jan 2057$406,619