Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$806/mo
Lowest payment- Down payment
- $161,994
- Funds due
- $170,365
- Interest + MI left
- $26,207
- First ends
- Jun 2042
Assumption
Assumption + second
$1,812/mo
+$1,005/mo- Down payment
- $24,994
- Funds due
- $34,886
- Interest + MI left
- $251,100
- First ends
- Jun 2042
New loan
New conventional
$1,746/mo
+$939/mo- Down payment
- $24,994
- Funds due
- $32,238
- Interest + MI left
- $314,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,006 | $78,006 | $215,006 |
| Second mortgage | — | $137,000 | — |
| First P&I | $560.29 | $560.29 | $1,456.53 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $43.00 |
| Taxes, insurance & HOA | $246.00 | $246.00 | $246.00 |
| Total housing payment | $806.29 | $1,811.54 | $1,745.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,994
Closing costs & prepaids$9,892
Usable credit−$0
Total buyer cash needed$34,886
Earnest money paid−$0
Remaining funds due$34,886
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$390.03
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)$288.00
Prepaid interest, first (9 days)$75.40
Prepaid interest, second (9 days)$270.25
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 closing15 yr 6 moOf the original 30-year loan at 3.92%
Interest already paid$56,996Through Dec 2026
Assumption only · ends Jun 2042$26,207
Assumption + second · ends Jun 2042, second Jan 2057$251,100
New conventional · ends Jan 2057$314,288