Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,019/mo
Lowest payment- Down payment
- $184,200
- Funds due
- $193,463
- Interest + MI left
- $39,892
- First ends
- Nov 2044
Assumption
Assumption + second
$2,163/mo
+$1,145/mo- Down payment
- $28,200
- Funds due
- $38,884
- Interest + MI left
- $295,974
- First ends
- Nov 2044
New loan
New conventional
$2,143/mo
+$1,125/mo- Down payment
- $28,200
- Funds due
- $36,103
- Interest + MI left
- $368,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,700 | $95,700 | $251,700 |
| Second mortgage | — | $156,000 | — |
| First P&I | $630.66 | $630.66 | $1,705.10 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $50.34 |
| Taxes, insurance & HOA | $387.92 | $387.92 | $387.92 |
| Total housing payment | $1,018.58 | $2,163.25 | $2,143.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,200
Closing costs & prepaids$10,684
Usable credit−$0
Total buyer cash needed$38,884
Earnest money paid−$0
Remaining funds due$38,884
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$478.50
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)$713.75
Prepaid interest, first (5 days)$54.14
Prepaid interest, second (5 days)$170.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 30-year loan at 4.13%
Interest already paid$57,097Through Dec 2026
Assumption only · ends Nov 2044$39,892
Assumption + second · ends Nov 2044, second Jan 2057$295,974
New conventional · ends Jan 2057$368,027