Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,261/mo
Lowest payment- Down payment
- $167,593
- Funds due
- $177,178
- Interest + MI left
- $49,815
- First ends
- Jun 2043
Assumption
Assumption + second
$2,259/mo
+$998/mo- Down payment
- $31,593
- Funds due
- $42,696
- Interest + MI left
- $273,066
- First ends
- Jun 2043
New loan
New conventional
$2,238/mo
+$977/mo- Down payment
- $31,593
- Funds due
- $39,706
- Interest + MI left
- $411,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,407 | $145,407 | $281,407 |
| Second mortgage | — | $136,000 | — |
| First P&I | $985.97 | $985.97 | $1,906.35 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $56.28 |
| Taxes, insurance & HOA | $275.17 | $275.17 | $275.17 |
| Total housing payment | $1,261.14 | $2,259.06 | $2,237.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,593
Closing costs & prepaids$11,103
Usable credit−$0
Total buyer cash needed$42,696
Earnest money paid−$0
Remaining funds due$42,696
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,130.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$727.04
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)$375.50
Prepaid interest, first (9 days)$134.45
Prepaid interest, second (9 days)$268.27
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 closing16 yr 6 moOf the original 30-year loan at 3.75%
Interest already paid$92,235Through Dec 2026
Assumption only · ends Jun 2043$49,815
Assumption + second · ends Jun 2043, second Jan 2057$273,066
New conventional · ends Jan 2057$411,464