Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$898/mo
Lowest payment- Down payment
- $114,059
- Funds due
- $122,337
- Interest + MI left
- $12,944
- First ends
- Aug 2041
Assumption
Assumption + second
$1,671/mo
+$772/mo- Down payment
- $18,059
- Funds due
- $27,611
- Interest + MI left
- $195,022
- First ends
- Aug 2041
New loan
New conventional
$1,593/mo
+$695/mo- Down payment
- $18,059
- Funds due
- $25,105
- Interest + MI left
- $231,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,841 | $56,841 | $152,841 |
| Second mortgage | — | $96,000 | — |
| First P&I | $394.27 | $394.27 | $1,058.24 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $30.57 |
| Taxes, insurance & HOA | $504.00 | $504.00 | $504.00 |
| Total housing payment | $898.27 | $1,670.70 | $1,592.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,059
Closing costs & prepaids$9,551
Usable credit−$0
Total buyer cash needed$27,611
Earnest money paid−$0
Remaining funds due$27,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,709.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$284.20
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)$129.00
Initial HOA (3 months)$933.00
Prepaid interest, first (1 days)$4.47
Prepaid interest, second (1 days)$23.67
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 closing14 yr 9 moOf the original 25-year loan at 2.870%
Interest already paid$20,996Through Nov 2026
Assumption only · ends Aug 2041$12,944
Assumption + second · ends Aug 2041, second Dec 2056$195,022
New conventional · ends Dec 2056$231,702