Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$915/mo
Lowest payment- Down payment
- $181,986
- Funds due
- $191,013
- Interest + MI left
- $44,035
- First ends
- Oct 2045
Assumption
Assumption + second
$2,037/mo
+$1,123/mo- Down payment
- $28,986
- Funds due
- $39,565
- Interest + MI left
- $295,192
- First ends
- Oct 2045
New loan
New conventional
$2,050/mo
+$1,135/mo- Down payment
- $28,986
- Funds due
- $36,766
- Interest + MI left
- $374,284
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,014 | $103,014 | $256,014 |
| Second mortgage | — | $153,000 | — |
| First P&I | $650.66 | $650.66 | $1,734.33 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $51.20 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $914.66 | $2,037.32 | $2,049.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,986
Closing costs & prepaids$10,579
Usable credit−$0
Total buyer cash needed$39,565
Earnest money paid−$0
Remaining funds due$39,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$515.07
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)$342.00
Prepaid interest, first (9 days)$102.11
Prepaid interest, second (9 days)$301.81
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 closing18 yr 10 moOf the original 30-year loan at 4.02%
Interest already paid$54,243Through Dec 2026
Assumption only · ends Oct 2045$44,035
Assumption + second · ends Oct 2045, second Jan 2057$295,192
New conventional · ends Jan 2057$374,284