Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,174/mo
Lowest payment- Down payment
- $144,055
- Funds due
- $153,597
- Interest + MI left
- $58,152
- First ends
- Nov 2048
Assumption
Assumption + second
$2,047/mo
+$873/mo- Down payment
- $25,055
- Funds due
- $36,082
- Interest + MI left
- $253,497
- First ends
- Nov 2048
New loan
New conventional
$2,103/mo
+$929/mo- Down payment
- $25,055
- Funds due
- $33,326
- Interest + MI left
- $321,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,945 | $100,945 | $219,945 |
| Second mortgage | — | $119,000 | — |
| First P&I | $604.93 | $604.93 | $1,489.98 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $43.99 |
| Taxes, insurance & HOA | $569.00 | $569.00 | $569.00 |
| Total housing payment | $1,173.93 | $2,047.11 | $2,102.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,055
Closing costs & prepaids$11,027
Usable credit−$0
Total buyer cash needed$36,082
Earnest money paid−$0
Remaining funds due$36,082
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$504.72
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)$294.00
Initial HOA (3 months)$963.00
Prepaid interest, first (9 days)$112.26
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 closing21 yr 11 moOf the original 30-year loan at 4.51%
Interest already paid$40,373Through Dec 2026
Assumption only · ends Nov 2048$58,152
Assumption + second · ends Nov 2048, second Jan 2057$253,497
New conventional · ends Jan 2057$321,552