Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $159,920
- Funds due
- $171,005
- Interest + MI left
- $25,350
- First ends
- Apr 2036
Assumption
Assumption + second
$3,366/mo
+$925/mo- Down payment
- $33,920
- Funds due
- $46,310
- Interest + MI left
- $232,185
- First ends
- Apr 2036
New loan
New conventional
$2,822/mo
+$380/mo- Down payment
- $33,920
- Funds due
- $43,115
- Interest + MI left
- $448,755
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,980 | $169,980 | $295,980 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,049.31 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $59.20 |
| Taxes, insurance & HOA | $713.25 | $713.25 | $713.25 |
| Total housing payment | $2,441.83 | $3,366.37 | $2,821.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,920
Closing costs & prepaids$12,390
Usable credit−$0
Total buyer cash needed$46,310
Earnest money paid−$0
Remaining funds due$46,310
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$849.90
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)$840.75
Initial HOA (3 months)$849.00
Prepaid interest, first (2 days)$27.94
Prepaid interest, second (2 days)$55.23
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 closing9 yr 5 moOf the original 30-year loan at 3.000%
Interest already paid$186,938Through Nov 2026
Assumption only · ends Apr 2036$25,350
Assumption + second · ends Apr 2036, second Dec 2056$232,185
New conventional · ends Dec 2056$448,755