Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$893/mo
Lowest payment- Down payment
- $137,357
- Funds due
- $145,671
- Interest + MI left
- $16,105
- First ends
- Aug 2039
Assumption
Assumption + second
$1,766/mo
+$873/mo- Down payment
- $18,357
- Funds due
- $27,947
- Interest + MI left
- $211,449
- First ends
- Aug 2039
New loan
New conventional
$1,660/mo
+$767/mo- Down payment
- $18,357
- Funds due
- $25,508
- Interest + MI left
- $244,959
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,543 | $42,543 | $161,543 |
| Second mortgage | — | $119,000 | — |
| First P&I | $383.32 | $383.32 | $1,118.49 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $32.31 |
| Taxes, insurance & HOA | $509.42 | $509.42 | $509.42 |
| Total housing payment | $892.73 | $1,765.91 | $1,660.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,357
Closing costs & prepaids$9,590
Usable credit−$0
Total buyer cash needed$27,947
Earnest money paid−$0
Remaining funds due$27,947
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$212.71
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)$121.25
Initial HOA (3 months)$957.00
Prepaid interest, first (1 days)$6.19
Prepaid interest, second (1 days)$26.08
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 closing12 yr 9 moOf the original 30-year loan at 5.310%
Interest already paid$52,938Through Nov 2026
Assumption only · ends Aug 2039$16,105
Assumption + second · ends Aug 2039, second Dec 2056$211,449
New conventional · ends Dec 2056$244,959