Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,030/mo
Lowest payment- Down payment
- $103,162
- Funds due
- $111,846
- Interest + MI left
- $37,197
- First ends
- Nov 2046
Assumption
Assumption + second
$1,698/mo
+$668/mo- Down payment
- $20,162
- Funds due
- $30,137
- Interest + MI left
- $194,618
- First ends
- Nov 2046
New loan
New conventional
$1,752/mo
+$722/mo- Down payment
- $20,162
- Funds due
- $27,422
- Interest + MI left
- $272,585
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,738 | $96,738 | $179,738 |
| Second mortgage | — | $83,000 | — |
| First P&I | $558.06 | $558.06 | $1,244.47 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $35.95 |
| Taxes, insurance & HOA | $471.67 | $471.67 | $471.67 |
| Total housing payment | $1,029.73 | $1,697.57 | $1,752.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,162
Closing costs & prepaids$9,975
Usable credit−$0
Total buyer cash needed$30,137
Earnest money paid−$0
Remaining funds due$30,137
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$483.69
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)$86.00
Initial HOA (3 months)$879.00
Prepaid interest, first (2 days)$18.23
Prepaid interest, second (2 days)$40.93
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 closing20 yrOf the original 30-year loan at 3.440%
Interest already paid$38,496Through Nov 2026
Assumption only · ends Nov 2046$37,197
Assumption + second · ends Nov 2046, second Dec 2056$194,618
New conventional · ends Dec 2056$272,585