Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$832/mo
Lowest payment- Down payment
- $85,796
- Funds due
- $93,764
- Interest + MI left
- $34,275
- First ends
- Mar 2048
Assumption
Assumption + second
$1,395/mo
+$563/mo- Down payment
- $15,796
- Funds due
- $25,049
- Interest + MI left
- $167,040
- First ends
- Mar 2048
New loan
New conventional
$1,425/mo
+$594/mo- Down payment
- $15,796
- Funds due
- $22,499
- Interest + MI left
- $214,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,204 | $71,204 | $141,204 |
| Second mortgage | — | $70,000 | — |
| First P&I | $412.03 | $412.03 | $977.67 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $28.24 |
| Taxes, insurance & HOA | $419.50 | $419.50 | $419.50 |
| Total housing payment | $831.53 | $1,394.76 | $1,425.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,796
Closing costs & prepaids$9,252
Usable credit−$0
Total buyer cash needed$25,049
Earnest money paid−$0
Remaining funds due$25,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,570.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$356.02
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)$88.50
Initial HOA (3 months)$720.00
Prepaid interest, first (2 days)$15.41
Prepaid interest, second (2 days)$34.52
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 closing21 yr 4 moOf the original 30-year loan at 3.950%
Interest already paid$27,227Through Nov 2026
Assumption only · ends Mar 2048$34,275
Assumption + second · ends Mar 2048, second Dec 2056$167,040
New conventional · ends Dec 2056$214,145