Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,270/mo
Lowest payment- Down payment
- $123,093
- Funds due
- $132,663
- Interest + MI left
- $53,669
- First ends
- Jun 2048
Assumption
Assumption + second
$2,011/mo
+$741/mo- Down payment
- $22,093
- Funds due
- $33,024
- Interest + MI left
- $219,466
- First ends
- Jun 2048
New loan
New conventional
$2,066/mo
+$797/mo- Down payment
- $22,093
- Funds due
- $30,300
- Interest + MI left
- $289,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,907 | $96,907 | $197,907 |
| Second mortgage | — | $101,000 | — |
| First P&I | $583.63 | $583.63 | $1,340.69 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $39.58 |
| Taxes, insurance & HOA | $686.00 | $686.00 | $686.00 |
| Total housing payment | $1,269.63 | $2,010.73 | $2,066.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,093
Closing costs & prepaids$10,930
Usable credit−$0
Total buyer cash needed$33,024
Earnest money paid−$0
Remaining funds due$33,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$484.53
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)$561.00
Initial HOA (3 months)$1,047.00
Prepaid interest, first (5 days)$58.94
Prepaid interest, second (5 days)$110.68
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 closing21 yr 6 moOf the original 30-year loan at 4.44%
Interest already paid$40,436Through Dec 2026
Assumption only · ends Jun 2048$53,669
Assumption + second · ends Jun 2048, second Jan 2057$219,466
New conventional · ends Jan 2057$289,373