Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$924/mo
Lowest payment- Down payment
- $114,318
- Funds due
- $122,706
- Interest + MI left
- $12,808
- First ends
- Aug 2041
Assumption
Assumption + second
$1,704/mo
+$780/mo- Down payment
- $17,318
- Funds due
- $27,171
- Interest + MI left
- $196,783
- First ends
- Aug 2041
New loan
New conventional
$1,600/mo
+$677/mo- Down payment
- $17,318
- Funds due
- $24,689
- Interest + MI left
- $224,562
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,582 | $56,582 | $153,582 |
| Second mortgage | — | $97,000 | — |
| First P&I | $394.27 | $394.27 | $1,040.42 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $30.72 |
| Taxes, insurance & HOA | $529.33 | $529.33 | $529.33 |
| Total housing payment | $923.60 | $1,704.08 | $1,600.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,318
Closing costs & prepaids$9,853
Usable credit−$0
Total buyer cash needed$27,171
Earnest money paid−$0
Remaining funds due$27,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,709.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$282.91
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)$205.00
Initial HOA (3 months)$933.00
Prepaid interest, first (9 days)$40.04
Prepaid interest, second (9 days)$215.26
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 closing14 yr 8 moOf the original 25-year loan at 2.87%
Interest already paid$21,132Through Dec 2026
Assumption only · ends Aug 2041$12,808
Assumption + second · ends Aug 2041, second Jan 2057$196,783
New conventional · ends Jan 2057$224,562