Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,444/mo
Lowest payment- Down payment
- $144,793
- Funds due
- $155,043
- Interest + MI left
- $108,784
- First ends
- Apr 2049
Assumption
Assumption + second
$2,259/mo
+$814/mo- Down payment
- $33,793
- Funds due
- $45,512
- Interest + MI left
- $290,996
- First ends
- Apr 2049
New loan
New conventional
$2,420/mo
+$975/mo- Down payment
- $33,793
- Funds due
- $42,298
- Interest + MI left
- $435,968
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,207 | $187,207 | $298,207 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,104.44 | $1,104.44 | $2,020.16 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $59.64 |
| Taxes, insurance & HOA | $339.83 | $339.83 | $339.83 |
| Total housing payment | $1,444.28 | $2,258.75 | $2,419.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,793
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$45,512
Earnest money paid−$0
Remaining funds due$45,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,320.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$936.03
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)$398.50
Initial HOA (3 months)$171.00
Prepaid interest, first (9 days)$205.88
Prepaid interest, second (9 days)$218.96
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 4 moOf the original 30-year loan at 4.46%
Interest already paid$69,815Through Dec 2026
Assumption only · ends Apr 2049$108,784
Assumption + second · ends Apr 2049, second Jan 2057$290,996
New conventional · ends Jan 2057$435,968