Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $171,474
- Funds due
- $181,574
- Interest + MI left
- $100,324
- First ends
- Aug 2049
Assumption
Assumption + second
$2,299/mo
+$991/mo- Down payment
- $36,474
- Funds due
- $47,884
- Interest + MI left
- $321,934
- First ends
- Aug 2049
New loan
New conventional
$2,552/mo
+$1,243/mo- Down payment
- $36,474
- Funds due
- $44,568
- Interest + MI left
- $489,068
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,526 | $187,526 | $322,526 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,054.40 | $1,054.40 | $2,233.10 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $64.51 |
| Taxes, insurance & HOA | $254.42 | $254.42 | $254.42 |
| Total housing payment | $1,308.81 | $2,299.40 | $2,552.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,474
Closing costs & prepaids$11,410
Usable credit−$0
Total buyer cash needed$47,884
Earnest money paid−$0
Remaining funds due$47,884
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$937.63
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)$232.25
Initial HOA (3 months)$81.00
Prepaid interest, first (2 days)$41.82
Prepaid interest, second (2 days)$59.18
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 closing22 yr 9 moOf the original 30-year loan at 4.070%
Interest already paid$60,259Through Nov 2026
Assumption only · ends Aug 2049$100,324
Assumption + second · ends Aug 2049, second Dec 2056$321,934
New conventional · ends Dec 2056$489,068