Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,556/mo
Lowest payment- Down payment
- $57,932
- Funds due
- $67,739
- Interest + MI left
- $83,398
- First ends
- Aug 2049
Assumption
Assumption + second
$1,846/mo
+$290/mo- Down payment
- $21,932
- Funds due
- $33,033
- Interest + MI left
- $151,677
- First ends
- Aug 2049
New loan
New conventional
$2,018/mo
+$462/mo- Down payment
- $21,932
- Funds due
- $30,044
- Interest + MI left
- $282,113
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,968 | $156,968 | $192,968 |
| Second mortgage | — | $36,000 | — |
| First P&I | $883.70 | $883.70 | $1,307.23 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $38.59 |
| Taxes, insurance & HOA | $672.67 | $672.67 | $672.67 |
| Total housing payment | $1,556.37 | $1,846.03 | $2,018.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,932
Closing costs & prepaids$11,102
Usable credit−$0
Total buyer cash needed$33,033
Earnest money paid−$0
Remaining funds due$33,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$784.84
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)$548.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (5 days)$87.30
Prepaid interest, second (5 days)$44.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 4.06%
Interest already paid$50,967Through Dec 2026
Assumption only · ends Aug 2049$83,398
Assumption + second · ends Aug 2049, second Jan 2057$151,677
New conventional · ends Jan 2057$282,113