Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$974/mo
Lowest payment- Down payment
- $147,583
- Funds due
- $156,805
- Interest + MI left
- $45,895
- First ends
- Aug 2049
Assumption
Assumption + second
$1,847/mo
+$873/mo- Down payment
- $28,583
- Funds due
- $39,081
- Interest + MI left
- $241,240
- First ends
- Aug 2049
New loan
New conventional
$2,129/mo
+$1,155/mo- Down payment
- $28,583
- Funds due
- $36,081
- Interest + MI left
- $388,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,417 | $137,417 | $256,417 |
| Second mortgage | — | $119,000 | — |
| First P&I | $671.47 | $671.47 | $1,775.38 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $51.28 |
| Taxes, insurance & HOA | $302.33 | $302.33 | $302.33 |
| Total housing payment | $973.81 | $1,846.99 | $2,129.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,583
Closing costs & prepaids$10,498
Usable credit−$0
Total buyer cash needed$39,081
Earnest money paid−$0
Remaining funds due$39,081
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$687.09
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)$301.00
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$10.01
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 closing22 yr 9 moOf the original 28-year loan at 2.660%
Interest already paid$20,754Through Nov 2026
Assumption only · ends Aug 2049$45,895
Assumption + second · ends Aug 2049, second Dec 2056$241,240
New conventional · ends Dec 2056$388,874