Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,466/mo
Lowest payment- Down payment
- $127,897
- Funds due
- $137,483
- Interest + MI left
- $64,570
- First ends
- Sep 2043
Assumption
Assumption + second
$2,263/mo
+$797/mo- Down payment
- $28,897
- Funds due
- $39,856
- Interest + MI left
- $252,338
- First ends
- Sep 2043
New loan
New conventional
$2,139/mo
+$673/mo- Down payment
- $28,897
- Funds due
- $36,794
- Interest + MI left
- $367,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,103 | $152,103 | $251,103 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,077.97 | $1,077.97 | $1,701.06 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $50.22 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,465.97 | $2,262.55 | $2,139.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,897
Closing costs & prepaids$10,958
Usable credit−$0
Total buyer cash needed$39,856
Earnest money paid−$0
Remaining funds due$39,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$760.51
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)$714.00
Prepaid interest, first (5 days)$93.55
Prepaid interest, second (5 days)$122.05
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 closing16 yr 9 moOf the original 30-year loan at 4.49%
Interest already paid$110,501Through Dec 2026
Assumption only · ends Sep 2043$64,570
Assumption + second · ends Sep 2043, second Jan 2057$252,338
New conventional · ends Jan 2057$367,054