Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$788/mo
Lowest payment- Down payment
- $173,365
- Funds due
- $181,823
- Interest + MI left
- $32,647
- First ends
- Nov 2043
Assumption
Assumption + second
$1,874/mo
+$1,086/mo- Down payment
- $25,365
- Funds due
- $35,267
- Interest + MI left
- $275,597
- First ends
- Nov 2043
New loan
New conventional
$1,817/mo
+$1,028/mo- Down payment
- $25,365
- Funds due
- $32,601
- Interest + MI left
- $328,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,635 | $76,635 | $224,635 |
| Second mortgage | — | $148,000 | — |
| First P&I | $538.33 | $538.33 | $1,521.76 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $44.93 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $788.33 | $1,874.30 | $1,816.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,365
Closing costs & prepaids$9,902
Usable credit−$0
Total buyer cash needed$35,267
Earnest money paid−$0
Remaining funds due$35,267
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$383.17
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)$300.00
Prepaid interest, first (6 days)$56.18
Prepaid interest, second (6 days)$194.63
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 closing16 yr 11 moOf the original 30-year loan at 4.46%
Interest already paid$54,407Through Dec 2026
Assumption only · ends Nov 2043$32,647
Assumption + second · ends Nov 2043, second Jan 2057$275,597
New conventional · ends Jan 2057$328,454