Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$795/mo
Lowest payment- Down payment
- $158,723
- Funds due
- $167,392
- Interest + MI left
- $38,463
- First ends
- Dec 2049
Assumption
Assumption + second
$1,778/mo
+$983/mo- Down payment
- $24,723
- Funds due
- $34,672
- Interest + MI left
- $258,431
- First ends
- Dec 2049
New loan
New conventional
$1,896/mo
+$1,101/mo- Down payment
- $24,723
- Funds due
- $31,982
- Interest + MI left
- $326,244
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,177 | $81,177 | $215,177 |
| Second mortgage | — | $134,000 | — |
| First P&I | $431.91 | $431.91 | $1,489.84 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $43.04 |
| Taxes, insurance & HOA | $362.92 | $362.92 | $362.92 |
| Total housing payment | $794.83 | $1,778.07 | $1,895.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,723
Closing costs & prepaids$9,949
Usable credit−$0
Total buyer cash needed$34,672
Earnest money paid−$0
Remaining funds due$34,672
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$405.89
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)$179.75
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$8.01
Prepaid interest, second (1 days)$29.37
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 closing23 yr 1 moOf the original 30-year loan at 3.600%
Interest already paid$22,026Through Nov 2026
Assumption only · ends Dec 2049$38,463
Assumption + second · ends Dec 2049, second Dec 2056$258,431
New conventional · ends Dec 2056$326,244