Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $179,556
- Funds due
- $188,028
- Interest + MI left
- $26,367
- First ends
- Mar 2038
Assumption
Assumption + second
$2,096/mo
+$1,130/mo- Down payment
- $25,556
- Funds due
- $35,582
- Interest + MI left
- $279,166
- First ends
- Mar 2038
New loan
New conventional
$1,815/mo
+$848/mo- Down payment
- $25,556
- Funds due
- $32,922
- Interest + MI left
- $327,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,344 | $70,344 | $224,344 |
| Second mortgage | — | $154,000 | — |
| First P&I | $716.38 | $716.38 | $1,519.78 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $44.87 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $966.38 | $2,096.37 | $1,814.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,556
Closing costs & prepaids$10,026
Usable credit−$0
Total buyer cash needed$35,582
Earnest money paid−$0
Remaining funds due$35,582
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%)$351.72
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 (9 days)$103.38
Prepaid interest, second (9 days)$303.78
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 closing11 yr 3 moOf the original 30-year loan at 5.96%
Interest already paid$111,529Through Dec 2026
Assumption only · ends Mar 2038$26,367
Assumption + second · ends Mar 2038, second Jan 2057$279,166
New conventional · ends Jan 2057$327,983