Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,390/mo
Lowest payment- Down payment
- $130,990
- Funds due
- $141,096
- Interest + MI left
- $85,343
- First ends
- Dec 2049
Assumption
Assumption + second
$2,187/mo
+$797/mo- Down payment
- $31,990
- Funds due
- $43,395
- Interest + MI left
- $273,111
- First ends
- Dec 2049
New loan
New conventional
$2,416/mo
+$1,026/mo- Down payment
- $31,990
- Funds due
- $40,166
- Interest + MI left
- $421,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,009 | $179,009 | $278,009 |
| Second mortgage | — | $99,000 | — |
| First P&I | $954.34 | $954.34 | $1,924.88 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $55.60 |
| Taxes, insurance & HOA | $435.92 | $435.92 | $435.92 |
| Total housing payment | $1,390.26 | $2,186.83 | $2,416.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,990
Closing costs & prepaids$11,405
Usable credit−$0
Total buyer cash needed$43,395
Earnest money paid−$0
Remaining funds due$43,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$895.05
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)$563.75
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$35.51
Prepaid interest, second (2 days)$48.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.620%
Interest already paid$48,829Through Nov 2026
Assumption only · ends Dec 2049$85,343
Assumption + second · ends Dec 2049, second Dec 2056$273,111
New conventional · ends Dec 2056$421,508