Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $93,766
- Funds due
- $103,806
- Interest + MI left
- $100,250
- First ends
- Aug 2049
Assumption
Assumption + second
$2,051/mo
+$515/mo- Down payment
- $29,766
- Funds due
- $41,071
- Interest + MI left
- $221,635
- First ends
- Aug 2049
New loan
New conventional
$2,321/mo
+$785/mo- Down payment
- $29,766
- Funds due
- $37,741
- Interest + MI left
- $402,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,234 | $201,234 | $265,234 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,104.34 | $1,104.34 | $1,836.43 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $53.05 |
| Taxes, insurance & HOA | $431.42 | $431.42 | $431.42 |
| Total housing payment | $1,535.76 | $2,050.72 | $2,320.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,766
Closing costs & prepaids$11,305
Usable credit−$0
Total buyer cash needed$41,071
Earnest money paid−$0
Remaining funds due$41,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,006.17
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)$755.25
Initial HOA (3 months)$89.01
Prepaid interest, first (1 days)$21.06
Prepaid interest, second (1 days)$15.78
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 3.820%
Interest already paid$60,885Through Nov 2026
Assumption only · ends Aug 2049$100,250
Assumption + second · ends Aug 2049, second Dec 2056$221,635
New conventional · ends Dec 2056$402,245