Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $94,230
- Funds due
- $104,034
- Interest + MI left
- $99,610
- First ends
- Aug 2049
Assumption
Assumption + second
$1,917/mo
+$515/mo- Down payment
- $30,230
- Funds due
- $41,426
- Interest + MI left
- $220,995
- First ends
- Aug 2049
New loan
New conventional
$2,144/mo
+$742/mo- Down payment
- $30,230
- Funds due
- $38,214
- Interest + MI left
- $387,085
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,770 | $200,770 | $264,770 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,104.34 | $1,104.34 | $1,793.64 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $52.95 |
| Taxes, insurance & HOA | $297.67 | $297.67 | $297.67 |
| Total housing payment | $1,402.01 | $1,916.97 | $2,144.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,230
Closing costs & prepaids$11,196
Usable credit−$0
Total buyer cash needed$41,426
Earnest money paid−$0
Remaining funds due$41,426
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,003.85
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)$354.00
Initial HOA (3 months)$89.01
Prepaid interest, first (9 days)$189.11
Prepaid interest, second (9 days)$142.03
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 3.82%
Interest already paid$61,526Through Dec 2026
Assumption only · ends Aug 2049$99,610
Assumption + second · ends Aug 2049, second Jan 2057$220,995
New conventional · ends Jan 2057$387,085