Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,256/mo
Lowest payment- Down payment
- $100,533
- Funds due
- $109,737
- Interest + MI left
- $70,999
- First ends
- Feb 2049
Assumption
Assumption + second
$1,883/mo
+$628/mo- Down payment
- $22,533
- Funds due
- $33,006
- Interest + MI left
- $218,937
- First ends
- Feb 2049
New loan
New conventional
$1,946/mo
+$690/mo- Down payment
- $22,533
- Funds due
- $30,151
- Interest + MI left
- $297,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,467 | $118,467 | $196,467 |
| Second mortgage | — | $78,000 | — |
| First P&I | $709.61 | $709.61 | $1,360.30 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $39.29 |
| Taxes, insurance & HOA | $546.17 | $546.17 | $546.17 |
| Total housing payment | $1,255.78 | $1,883.38 | $1,945.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,533
Closing costs & prepaids$10,473
Usable credit−$0
Total buyer cash needed$33,006
Earnest money paid−$0
Remaining funds due$33,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$592.34
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)$534.50
Initial HOA (3 months)$654.00
Prepaid interest, first (1 days)$14.93
Prepaid interest, second (1 days)$19.23
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 closing22 yr 3 moOf the original 30-year loan at 4.600%
Interest already paid$46,039Through Nov 2026
Assumption only · ends Feb 2049$70,999
Assumption + second · ends Feb 2049, second Dec 2056$218,937
New conventional · ends Dec 2056$297,877