Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$859/mo
Lowest payment- Down payment
- $107,828
- Funds due
- $116,277
- Interest + MI left
- $49,521
- First ends
- May 2050
Assumption
Assumption + second
$1,551/mo
+$692/mo- Down payment
- $21,828
- Funds due
- $31,718
- Interest + MI left
- $212,632
- First ends
- May 2050
New loan
New conventional
$1,648/mo
+$790/mo- Down payment
- $21,828
- Funds due
- $28,980
- Interest + MI left
- $282,411
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,172 | $107,172 | $193,172 |
| Second mortgage | — | $86,000 | — |
| First P&I | $557.63 | $557.63 | $1,308.61 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $38.63 |
| Taxes, insurance & HOA | $301.00 | $301.00 | $301.00 |
| Total housing payment | $858.63 | $1,550.60 | $1,648.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,828
Closing costs & prepaids$9,889
Usable credit−$0
Total buyer cash needed$31,718
Earnest money paid−$0
Remaining funds due$31,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$535.86
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)$258.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$91.70
Prepaid interest, second (9 days)$190.85
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 closing23 yr 5 moOf the original 30-year loan at 3.47%
Interest already paid$26,579Through Dec 2026
Assumption only · ends May 2050$49,521
Assumption + second · ends May 2050, second Jan 2057$212,632
New conventional · ends Jan 2057$282,411