Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$595/mo
Lowest payment- Down payment
- $186,298
- Funds due
- $194,459
- Interest + MI left
- $16,523
- First ends
- Apr 2043
Assumption
Assumption + second
$1,783/mo
+$1,189/mo- Down payment
- $24,298
- Funds due
- $33,780
- Interest + MI left
- $282,454
- First ends
- Apr 2043
New loan
New conventional
$1,775/mo
+$1,180/mo- Down payment
- $24,298
- Funds due
- $31,232
- Interest + MI left
- $326,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,602 | $53,602 | $215,602 |
| Second mortgage | — | $162,000 | — |
| First P&I | $355.96 | $355.96 | $1,492.78 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $43.12 |
| Taxes, insurance & HOA | $238.67 | $238.67 | $238.67 |
| Total housing payment | $594.63 | $1,783.33 | $1,774.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,298
Closing costs & prepaids$9,482
Usable credit−$0
Total buyer cash needed$33,780
Earnest money paid−$0
Remaining funds due$33,780
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$268.01
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)$266.00
Prepaid interest, first (2 days)$10.04
Prepaid interest, second (2 days)$71.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.420%
Interest already paid$31,559Through Nov 2026
Assumption only · ends Apr 2043$16,523
Assumption + second · ends Apr 2043, second Dec 2056$282,454
New conventional · ends Dec 2056$326,932