Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,631/mo
Lowest payment- Down payment
- $128,938
- Funds due
- $139,679
- Interest + MI left
- $118,704
- First ends
- Aug 2049
Assumption
Assumption + second
$2,379/mo
+$748/mo- Down payment
- $35,938
- Funds due
- $48,135
- Interest + MI left
- $295,092
- First ends
- Aug 2049
New loan
New conventional
$2,572/mo
+$941/mo- Down payment
- $35,938
- Funds due
- $44,754
- Interest + MI left
- $459,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,962 | $220,962 | $313,962 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,248.77 | $1,248.77 | $2,126.89 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $62.79 |
| Taxes, insurance & HOA | $382.00 | $382.00 | $382.00 |
| Total housing payment | $1,630.77 | $2,379.07 | $2,571.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,938
Closing costs & prepaids$12,198
Usable credit−$0
Total buyer cash needed$48,135
Earnest money paid−$0
Remaining funds due$48,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,104.81
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)$420.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$223.38
Prepaid interest, second (9 days)$206.38
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 8 moOf the original 30-year loan at 4.1%
Interest already paid$72,415Through Dec 2026
Assumption only · ends Aug 2049$118,704
Assumption + second · ends Aug 2049, second Jan 2057$295,092
New conventional · ends Jan 2057$459,002