Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$739/mo
Lowest payment- Down payment
- $183,251
- Funds due
- $191,838
- Interest + MI left
- $32,087
- First ends
- Aug 2045
Assumption
Assumption + second
$1,891/mo
+$1,152/mo- Down payment
- $26,251
- Funds due
- $36,398
- Interest + MI left
- $289,811
- First ends
- Aug 2045
New loan
New conventional
$1,884/mo
+$1,144/mo- Down payment
- $26,251
- Funds due
- $33,738
- Interest + MI left
- $341,633
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,649 | $76,649 | $233,649 |
| Second mortgage | — | $157,000 | — |
| First P&I | $485.43 | $485.43 | $1,582.82 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $46.73 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $739.43 | $1,891.44 | $1,883.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,251
Closing costs & prepaids$10,147
Usable credit−$0
Total buyer cash needed$36,398
Earnest money paid−$0
Remaining funds due$36,398
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$383.25
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)$312.00
Prepaid interest, first (9 days)$75.22
Prepaid interest, second (9 days)$309.70
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 8 moOf the original 30-year loan at 3.98%
Interest already paid$40,743Through Dec 2026
Assumption only · ends Aug 2045$32,087
Assumption + second · ends Aug 2045, second Jan 2057$289,811
New conventional · ends Jan 2057$341,633