Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,920/mo
Lowest payment- Down payment
- $101,904
- Funds due
- $112,939
- Interest + MI left
- $105,751
- First ends
- Apr 2048
Assumption
Assumption + second
$2,491/mo
+$571/mo- Down payment
- $30,904
- Funds due
- $43,224
- Interest + MI left
- $240,412
- First ends
- Apr 2048
New loan
New conventional
$2,671/mo
+$751/mo- Down payment
- $30,904
- Funds due
- $39,886
- Interest + MI left
- $415,630
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,096 | $203,096 | $274,096 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,201.74 | $1,201.74 | $1,897.79 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $54.82 |
| Taxes, insurance & HOA | $718.25 | $718.25 | $718.25 |
| Total housing payment | $1,919.99 | $2,491.27 | $2,670.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,904
Closing costs & prepaids$12,320
Usable credit−$0
Total buyer cash needed$43,224
Earnest money paid−$0
Remaining funds due$43,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,015.48
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)$534.75
Initial HOA (3 months)$1,170.00
Prepaid interest, first (2 days)$46.96
Prepaid interest, second (2 days)$35.01
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 closing21 yr 5 moOf the original 30-year loan at 4.220%
Interest already paid$81,715Through Nov 2026
Assumption only · ends Apr 2048$105,751
Assumption + second · ends Apr 2048, second Dec 2056$240,412
New conventional · ends Dec 2056$415,630