Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$969/mo
Lowest payment- Down payment
- $157,884
- Funds due
- $167,053
- Interest + MI left
- $43,740
- First ends
- Nov 2049
Assumption
Assumption + second
$1,938/mo
+$969/mo- Down payment
- $25,884
- Funds due
- $36,332
- Interest + MI left
- $260,425
- First ends
- Nov 2049
New loan
New conventional
$2,074/mo
+$1,104/mo- Down payment
- $25,884
- Funds due
- $33,577
- Interest + MI left
- $339,797
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,116 | $92,116 | $224,116 |
| Second mortgage | — | $132,000 | — |
| First P&I | $492.23 | $492.23 | $1,551.73 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $44.82 |
| Taxes, insurance & HOA | $477.17 | $477.17 | $477.17 |
| Total housing payment | $969.40 | $1,937.97 | $2,073.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,884
Closing costs & prepaids$10,448
Usable credit−$0
Total buyer cash needed$36,332
Earnest money paid−$0
Remaining funds due$36,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$460.58
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)$541.25
Initial HOA (3 months)$440.25
Prepaid interest, first (1 days)$9.14
Prepaid interest, second (1 days)$28.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.620%
Interest already paid$25,463Through Nov 2026
Assumption only · ends Nov 2049$43,740
Assumption + second · ends Nov 2049, second Dec 2056$260,425
New conventional · ends Dec 2056$339,797