Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,207/mo
Lowest payment- Down payment
- $164,699
- Funds due
- $174,017
- Interest + MI left
- $55,555
- First ends
- Jan 2044
Assumption
Assumption + second
$2,191/mo
+$983/mo- Down payment
- $30,699
- Funds due
- $41,326
- Interest + MI left
- $275,523
- First ends
- Jan 2044
New loan
New conventional
$2,197/mo
+$990/mo- Down payment
- $30,699
- Funds due
- $38,323
- Interest + MI left
- $406,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,301 | $134,301 | $268,301 |
| Second mortgage | — | $134,000 | — |
| First P&I | $921.63 | $921.63 | $1,857.66 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $53.66 |
| Taxes, insurance & HOA | $285.83 | $285.83 | $285.83 |
| Total housing payment | $1,207.46 | $2,190.71 | $2,197.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,699
Closing costs & prepaids$10,627
Usable credit−$0
Total buyer cash needed$41,326
Earnest money paid−$0
Remaining funds due$41,326
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$671.51
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)$407.50
Prepaid interest, first (2 days)$31.50
Prepaid interest, second (2 days)$58.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing17 yr 2 moOf the original 30-year loan at 4.280%
Interest already paid$89,553Through Nov 2026
Assumption only · ends Jan 2044$55,555
Assumption + second · ends Jan 2044, second Dec 2056$275,523
New conventional · ends Dec 2056$406,789