Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,577/mo
Lowest payment- Down payment
- $67,580
- Funds due
- $77,500
- Interest + MI left
- $83,931
- First ends
- Aug 2049
Assumption
Assumption + second
$1,940/mo
+$362/mo- Down payment
- $22,580
- Funds due
- $33,772
- Interest + MI left
- $169,279
- First ends
- Aug 2049
New loan
New conventional
$2,135/mo
+$558/mo- Down payment
- $22,580
- Funds due
- $30,741
- Interest + MI left
- $306,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,320 | $157,320 | $202,320 |
| Second mortgage | — | $45,000 | — |
| First P&I | $883.70 | $883.70 | $1,400.82 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $40.46 |
| Taxes, insurance & HOA | $693.75 | $693.75 | $693.75 |
| Total housing payment | $1,577.45 | $1,939.53 | $2,135.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,580
Closing costs & prepaids$11,192
Usable credit−$0
Total buyer cash needed$33,772
Earnest money paid−$0
Remaining funds due$33,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$786.60
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)$611.25
Initial HOA (3 months)$1,020.00
Prepaid interest, first (2 days)$35.00
Prepaid interest, second (2 days)$22.19
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 4.060%
Interest already paid$50,434Through Nov 2026
Assumption only · ends Aug 2049$83,931
Assumption + second · ends Aug 2049, second Dec 2056$169,279
New conventional · ends Dec 2056$306,832