Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$983/mo
Lowest payment- Down payment
- $137,950
- Funds due
- $147,179
- Interest + MI left
- $45,590
- First ends
- Aug 2049
Assumption
Assumption + second
$1,791/mo
+$807/mo- Down payment
- $27,950
- Funds due
- $38,646
- Interest + MI left
- $226,161
- First ends
- Aug 2049
New loan
New conventional
$2,035/mo
+$1,052/mo- Down payment
- $27,950
- Funds due
- $35,769
- Interest + MI left
- $361,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,050 | $137,050 | $247,050 |
| Second mortgage | — | $110,000 | — |
| First P&I | $671.47 | $671.47 | $1,673.60 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $49.41 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $983.47 | $1,790.61 | $2,035.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,950
Closing costs & prepaids$10,696
Usable credit−$0
Total buyer cash needed$38,646
Earnest money paid−$0
Remaining funds due$38,646
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$685.25
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)$330.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$89.89
Prepaid interest, second (9 days)$216.99
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 28-year loan at 2.66%
Interest already paid$21,058Through Dec 2026
Assumption only · ends Aug 2049$45,590
Assumption + second · ends Aug 2049, second Jan 2057$226,161
New conventional · ends Jan 2057$361,179