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
- $137,552
- Funds due
- $146,009
- Interest + MI left
- $15,916
- First ends
- Aug 2039
Assumption
Assumption + second
$1,797/mo
+$873/mo- Down payment
- $18,552
- Funds due
- $28,494
- Interest + MI left
- $211,261
- First ends
- Aug 2039
New loan
New conventional
$1,666/mo
+$742/mo- Down payment
- $18,552
- Funds due
- $26,049
- Interest + MI left
- $235,853
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,348 | $42,348 | $161,348 |
| Second mortgage | — | $119,000 | — |
| First P&I | $383.32 | $383.32 | $1,093.03 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $32.27 |
| Taxes, insurance & HOA | $541.00 | $541.00 | $541.00 |
| Total housing payment | $924.32 | $1,797.50 | $1,666.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,552
Closing costs & prepaids$9,942
Usable credit−$0
Total buyer cash needed$28,494
Earnest money paid−$0
Remaining funds due$28,494
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$211.74
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)$216.00
Initial HOA (3 months)$957.00
Prepaid interest, first (9 days)$55.45
Prepaid interest, second (9 days)$234.74
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 closing12 yr 8 moOf the original 30-year loan at 5.31%
Interest already paid$53,127Through Dec 2026
Assumption only · ends Aug 2039$15,916
Assumption + second · ends Aug 2039, second Jan 2057$211,261
New conventional · ends Jan 2057$235,853