Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $123,819
- Funds due
- $133,391
- Interest + MI left
- $81,432
- First ends
- Oct 2047
Assumption
Assumption + second
$2,049/mo
+$748/mo- Down payment
- $30,819
- Funds due
- $41,779
- Interest + MI left
- $257,819
- First ends
- Oct 2047
New loan
New conventional
$2,147/mo
+$847/mo- Down payment
- $30,819
- Funds due
- $38,614
- Interest + MI left
- $393,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,181 | $176,181 | $269,181 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,030.45 | $1,030.45 | $1,823.53 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $53.84 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,300.45 | $2,048.75 | $2,147.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,819
Closing costs & prepaids$10,959
Usable credit−$0
Total buyer cash needed$41,779
Earnest money paid−$0
Remaining funds due$41,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$880.90
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)$360.00
Prepaid interest, first (6 days)$112.95
Prepaid interest, second (6 days)$137.59
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 closing20 yr 10 moOf the original 30-year loan at 3.9%
Interest already paid$71,061Through Dec 2026
Assumption only · ends Oct 2047$81,432
Assumption + second · ends Oct 2047, second Jan 2057$257,819
New conventional · ends Jan 2057$393,533