Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$889/mo
Lowest payment- Down payment
- $158,098
- Funds due
- $167,098
- Interest + MI left
- $43,462
- First ends
- Nov 2049
Assumption
Assumption + second
$1,865/mo
+$976/mo- Down payment
- $25,098
- Funds due
- $35,611
- Interest + MI left
- $261,789
- First ends
- Nov 2049
New loan
New conventional
$1,965/mo
+$1,076/mo- Down payment
- $25,098
- Funds due
- $32,910
- Interest + MI left
- $328,844
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,902 | $91,902 | $224,902 |
| Second mortgage | — | $133,000 | — |
| First P&I | $492.23 | $492.23 | $1,523.56 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $44.98 |
| Taxes, insurance & HOA | $396.75 | $396.75 | $396.75 |
| Total housing payment | $888.98 | $1,864.89 | $1,965.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,098
Closing costs & prepaids$10,512
Usable credit−$0
Total buyer cash needed$35,611
Earnest money paid−$0
Remaining funds due$35,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$459.51
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)$300.00
Initial HOA (3 months)$440.25
Prepaid interest, first (9 days)$82.03
Prepaid interest, second (9 days)$262.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 3.62%
Interest already paid$25,741Through Dec 2026
Assumption only · ends Nov 2049$43,462
Assumption + second · ends Nov 2049, second Jan 2057$261,789
New conventional · ends Jan 2057$328,844