Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $72,710
- Funds due
- $82,818
- Interest + MI left
- $113,572
- First ends
- Aug 2049
Assumption
Assumption + second
$2,008/mo
+$354/mo- Down payment
- $28,710
- Funds due
- $40,090
- Interest + MI left
- $197,024
- First ends
- Aug 2049
New loan
New conventional
$2,286/mo
+$632/mo- Down payment
- $28,710
- Funds due
- $36,734
- Interest + MI left
- $388,681
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,290 | $212,290 | $256,290 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,193.63 | $1,193.63 | $1,774.50 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $51.26 |
| Taxes, insurance & HOA | $460.58 | $460.58 | $460.58 |
| Total housing payment | $1,654.22 | $2,008.25 | $2,286.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,710
Closing costs & prepaids$11,380
Usable credit−$0
Total buyer cash needed$40,090
Earnest money paid−$0
Remaining funds due$40,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,061.45
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)$406.75
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$47.34
Prepaid interest, second (2 days)$21.70
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$68,216Through Nov 2026
Assumption only · ends Aug 2049$113,572
Assumption + second · ends Aug 2049, second Dec 2056$197,024
New conventional · ends Dec 2056$388,681