Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $75,578
- Funds due
- $84,556
- Interest + MI left
- $98,553
- First ends
- Jan 2049
Assumption
Assumption + second
$1,718/mo
+$418/mo- Down payment
- $23,578
- Funds due
- $33,870
- Interest + MI left
- $197,178
- First ends
- Jan 2049
New loan
New conventional
$1,784/mo
+$485/mo- Down payment
- $23,578
- Funds due
- $30,855
- Interest + MI left
- $301,636
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,322 | $154,322 | $206,322 |
| Second mortgage | — | $52,000 | — |
| First P&I | $954.25 | $954.25 | $1,397.70 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $41.26 |
| Taxes, insurance & HOA | $345.42 | $345.42 | $345.42 |
| Total housing payment | $1,299.66 | $1,718.07 | $1,784.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,578
Closing costs & prepaids$10,293
Usable credit−$0
Total buyer cash needed$33,870
Earnest money paid−$0
Remaining funds due$33,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$771.61
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)$586.25
Prepaid interest, first (5 days)$103.59
Prepaid interest, second (5 days)$64.11
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 closing22 yr 1 moOf the original 30-year loan at 4.9%
Interest already paid$65,176Through Dec 2026
Assumption only · ends Jan 2049$98,553
Assumption + second · ends Jan 2049, second Jan 2057$197,178
New conventional · ends Jan 2057$301,636