Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $128,445
- Funds due
- $139,086
- Interest + MI left
- $119,461
- First ends
- Aug 2049
Assumption
Assumption + second
$2,411/mo
+$748/mo- Down payment
- $35,445
- Funds due
- $47,359
- Interest + MI left
- $295,848
- First ends
- Aug 2049
New loan
New conventional
$2,654/mo
+$991/mo- Down payment
- $35,445
- Funds due
- $43,870
- Interest + MI left
- $476,829
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,455 | $221,455 | $314,455 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,248.77 | $1,248.77 | $2,177.22 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $62.89 |
| Taxes, insurance & HOA | $413.92 | $413.92 | $413.92 |
| Total housing payment | $1,662.69 | $2,410.99 | $2,654.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,445
Closing costs & prepaids$11,914
Usable credit−$0
Total buyer cash needed$47,359
Earnest money paid−$0
Remaining funds due$47,359
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,107.27
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)$515.75
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$24.88
Prepaid interest, second (1 days)$22.93
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 closing22 yr 9 moOf the original 30-year loan at 4.100%
Interest already paid$71,659Through Nov 2026
Assumption only · ends Aug 2049$119,461
Assumption + second · ends Aug 2049, second Dec 2056$295,848
New conventional · ends Dec 2056$476,829