Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,175/mo
Lowest payment- Down payment
- $150,303
- Funds due
- $159,675
- Interest + MI left
- $54,157
- First ends
- Feb 2046
Assumption
Assumption + second
$2,071/mo
+$895/mo- Down payment
- $28,303
- Funds due
- $38,979
- Interest + MI left
- $254,426
- First ends
- Feb 2046
New loan
New conventional
$2,159/mo
+$983/mo- Down payment
- $28,303
- Funds due
- $36,049
- Interest + MI left
- $374,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,697 | $124,697 | $246,697 |
| Second mortgage | — | $122,000 | — |
| First P&I | $774.26 | $774.26 | $1,708.08 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $49.34 |
| Taxes, insurance & HOA | $401.17 | $401.17 | $401.17 |
| Total housing payment | $1,175.42 | $2,070.62 | $2,158.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,303
Closing costs & prepaids$10,676
Usable credit−$0
Total buyer cash needed$38,979
Earnest money paid−$0
Remaining funds due$38,979
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$623.49
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)$687.50
Initial HOA (3 months)$66.00
Prepaid interest, first (2 days)$27.26
Prepaid interest, second (2 days)$53.48
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 closing19 yr 3 moOf the original 30-year loan at 3.990%
Interest already paid$62,203Through Nov 2026
Assumption only · ends Feb 2046$54,157
Assumption + second · ends Feb 2046, second Dec 2056$254,426
New conventional · ends Dec 2056$374,034