Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $166,763
- Funds due
- $176,741
- Interest + MI left
- $71,816
- First ends
- Apr 2047
Assumption
Assumption + second
$2,310/mo
+$991/mo- Down payment
- $31,763
- Funds due
- $43,110
- Interest + MI left
- $293,425
- First ends
- Apr 2047
New loan
New conventional
$2,379/mo
+$1,060/mo- Down payment
- $31,763
- Funds due
- $40,043
- Interest + MI left
- $409,117
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,137 | $148,137 | $283,137 |
| Second mortgage | — | $135,000 | — |
| First P&I | $901.45 | $901.45 | $1,904.68 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $56.63 |
| Taxes, insurance & HOA | $417.67 | $417.67 | $417.67 |
| Total housing payment | $1,319.11 | $2,309.69 | $2,378.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,763
Closing costs & prepaids$11,347
Usable credit−$0
Total buyer cash needed$43,110
Earnest money paid−$0
Remaining funds due$43,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$740.69
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)$803.00
Prepaid interest, first (4 days)$67.70
Prepaid interest, second (4 days)$118.36
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 closing20 yr 4 moOf the original 30-year loan at 4.17%
Interest already paid$67,705Through Dec 2026
Assumption only · ends Apr 2047$71,816
Assumption + second · ends Apr 2047, second Jan 2057$293,425
New conventional · ends Jan 2057$409,117