Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $90,908
- Funds due
- $99,196
- Interest + MI left
- $28,626
- First ends
- Aug 2040
Assumption
Assumption + second
$1,714/mo
+$595/mo- Down payment
- $16,908
- Funds due
- $26,483
- Interest + MI left
- $168,978
- First ends
- Aug 2040
New loan
New conventional
$1,554/mo
+$436/mo- Down payment
- $16,908
- Funds due
- $23,889
- Interest + MI left
- $229,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,092 | $77,092 | $151,092 |
| Second mortgage | — | $74,000 | — |
| First P&I | $640.72 | $640.72 | $1,046.13 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $30.22 |
| Taxes, insurance & HOA | $478.00 | $478.00 | $478.00 |
| Total housing payment | $1,118.72 | $1,714.14 | $1,554.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,908
Closing costs & prepaids$9,574
Usable credit−$0
Total buyer cash needed$26,483
Earnest money paid−$0
Remaining funds due$26,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$385.46
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)$420.00
Initial HOA (3 months)$564.00
Prepaid interest, first (2 days)$20.45
Prepaid interest, second (2 days)$36.49
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 closing13 yr 9 moOf the original 30-year loan at 4.840%
Interest already paid$80,473Through Nov 2026
Assumption only · ends Aug 2040$28,626
Assumption + second · ends Aug 2040, second Dec 2056$168,978
New conventional · ends Dec 2056$229,141