Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,389/mo
Lowest payment- Down payment
- $167,782
- Funds due
- $178,349
- Interest + MI left
- $57,503
- First ends
- Feb 2048
Assumption
Assumption + second
$2,357/mo
+$969/mo- Down payment
- $35,782
- Funds due
- $47,715
- Interest + MI left
- $274,188
- First ends
- Feb 2048
New loan
New conventional
$2,620/mo
+$1,231/mo- Down payment
- $35,782
- Funds due
- $44,480
- Interest + MI left
- $453,242
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,718 | $181,718 | $313,718 |
| Second mortgage | — | $132,000 | — |
| First P&I | $941.81 | $941.81 | $2,110.40 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $62.74 |
| Taxes, insurance & HOA | $447.08 | $447.08 | $447.08 |
| Total housing payment | $1,388.90 | $2,357.46 | $2,620.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,782
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$47,715
Earnest money paid−$0
Remaining funds due$47,715
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$908.59
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)$891.25
Prepaid interest, first (4 days)$54.17
Prepaid interest, second (4 days)$115.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing21 yr 2 moOf the original 27-year loan at 2.72%
Interest already paid$31,662Through Dec 2026
Assumption only · ends Feb 2048$57,503
Assumption + second · ends Feb 2048, second Jan 2057$274,188
New conventional · ends Jan 2057$453,242