Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,335/mo
Lowest payment- Down payment
- $123,441
- Funds due
- $133,170
- Interest + MI left
- $61,046
- First ends
- Sep 2048
Assumption
Assumption + second
$2,069/mo
+$734/mo- Down payment
- $23,441
- Funds due
- $34,507
- Interest + MI left
- $225,201
- First ends
- Sep 2048
New loan
New conventional
$2,121/mo
+$786/mo- Down payment
- $23,441
- Funds due
- $31,722
- Interest + MI left
- $296,980
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,559 | $105,559 | $205,559 |
| Second mortgage | — | $100,000 | — |
| First P&I | $638.33 | $638.33 | $1,382.81 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $41.11 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $1,335.00 | $2,068.76 | $2,120.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,441
Closing costs & prepaids$11,066
Usable credit−$0
Total buyer cash needed$34,507
Earnest money paid−$0
Remaining funds due$34,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$527.79
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)$584.00
Initial HOA (3 months)$1,056.00
Prepaid interest, first (4 days)$52.75
Prepaid interest, second (4 days)$87.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 4.56%
Interest already paid$43,654Through Dec 2026
Assumption only · ends Sep 2048$61,046
Assumption + second · ends Sep 2048, second Jan 2057$225,201
New conventional · ends Jan 2057$296,980