Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$703/mo
Lowest payment- Down payment
- $160,809
- Funds due
- $169,254
- Interest + MI left
- $41,201
- First ends
- Sep 2049
Assumption
Assumption + second
$1,701/mo
+$998/mo- Down payment
- $24,809
- Funds due
- $34,772
- Interest + MI left
- $264,452
- First ends
- Sep 2049
New loan
New conventional
$1,776/mo
+$1,073/mo- Down payment
- $24,809
- Funds due
- $32,107
- Interest + MI left
- $320,450
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,191 | $83,191 | $219,191 |
| Second mortgage | — | $136,000 | — |
| First P&I | $455.65 | $455.65 | $1,484.88 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $43.84 |
| Taxes, insurance & HOA | $247.58 | $247.58 | $247.58 |
| Total housing payment | $703.23 | $1,701.15 | $1,776.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,809
Closing costs & prepaids$9,963
Usable credit−$0
Total buyer cash needed$34,772
Earnest money paid−$0
Remaining funds due$34,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$415.95
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)$292.75
Prepaid interest, first (9 days)$77.95
Prepaid interest, second (9 days)$268.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing22 yr 9 moOf the original 30-year loan at 3.8%
Interest already paid$25,045Through Dec 2026
Assumption only · ends Sep 2049$41,201
Assumption + second · ends Sep 2049, second Jan 2057$264,452
New conventional · ends Jan 2057$320,450