Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$911/mo
Lowest payment- Down payment
- $125,503
- Funds due
- $133,909
- Interest + MI left
- $23,541
- First ends
- Dec 2042
Assumption
Assumption + second
$1,681/mo
+$770/mo- Down payment
- $20,503
- Funds due
- $30,366
- Interest + MI left
- $195,904
- First ends
- Dec 2042
New loan
New conventional
$1,652/mo
+$741/mo- Down payment
- $20,503
- Funds due
- $27,791
- Interest + MI left
- $262,418
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,497 | $74,497 | $179,497 |
| Second mortgage | — | $105,000 | — |
| First P&I | $510.62 | $510.62 | $1,215.98 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $35.90 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $910.62 | $1,681.07 | $1,651.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,503
Closing costs & prepaids$9,864
Usable credit−$0
Total buyer cash needed$30,366
Earnest money paid−$0
Remaining funds due$30,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$372.49
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)$240.00
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$65.95
Prepaid interest, second (9 days)$207.12
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 closing16 yrOf the original 30-year loan at 3.59%
Interest already paid$47,831Through Dec 2026
Assumption only · ends Dec 2042$23,541
Assumption + second · ends Dec 2042, second Jan 2057$195,904
New conventional · ends Jan 2057$262,418