Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$829/mo
Lowest payment- Down payment
- $153,911
- Funds due
- $162,696
- Interest + MI left
- $38,219
- First ends
- Dec 2049
Assumption
Assumption + second
$1,783/mo
+$954/mo- Down payment
- $23,911
- Funds due
- $34,202
- Interest + MI left
- $251,621
- First ends
- Dec 2049
New loan
New conventional
$1,869/mo
+$1,040/mo- Down payment
- $23,911
- Funds due
- $31,560
- Interest + MI left
- $308,459
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,989 | $80,989 | $210,989 |
| Second mortgage | — | $130,000 | — |
| First P&I | $431.91 | $431.91 | $1,429.31 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $42.20 |
| Taxes, insurance & HOA | $397.00 | $397.00 | $397.00 |
| Total housing payment | $828.91 | $1,782.81 | $1,868.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,911
Closing costs & prepaids$10,291
Usable credit−$0
Total buyer cash needed$34,202
Earnest money paid−$0
Remaining funds due$34,202
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$404.94
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)$282.00
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$71.89
Prepaid interest, second (9 days)$256.44
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 closing23 yrOf the original 30-year loan at 3.6%
Interest already paid$22,270Through Dec 2026
Assumption only · ends Dec 2049$38,219
Assumption + second · ends Dec 2049, second Jan 2057$251,621
New conventional · ends Jan 2057$308,459