Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$767/mo
Lowest payment- Down payment
- $150,923
- Funds due
- $159,275
- Interest + MI left
- $35,664
- First ends
- Jan 2046
Assumption
Assumption + second
$1,699/mo
+$932/mo- Down payment
- $23,923
- Funds due
- $33,776
- Interest + MI left
- $244,141
- First ends
- Jan 2046
New loan
New conventional
$1,716/mo
+$949/mo- Down payment
- $23,923
- Funds due
- $31,114
- Interest + MI left
- $308,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,077 | $84,077 | $211,077 |
| Second mortgage | — | $127,000 | — |
| First P&I | $522.89 | $522.89 | $1,429.91 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $42.22 |
| Taxes, insurance & HOA | $244.00 | $244.00 | $244.00 |
| Total housing payment | $766.89 | $1,698.77 | $1,716.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,923
Closing costs & prepaids$9,853
Usable credit−$0
Total buyer cash needed$33,776
Earnest money paid−$0
Remaining funds due$33,776
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$420.38
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)$282.00
Prepaid interest, first (9 days)$81.68
Prepaid interest, second (9 days)$250.52
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 closing19 yr 1 moOf the original 30-year loan at 3.94%
Interest already paid$42,253Through Dec 2026
Assumption only · ends Jan 2046$35,664
Assumption + second · ends Jan 2046, second Jan 2057$244,141
New conventional · ends Jan 2057$308,587