Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,252/mo
Lowest payment- Down payment
- $168,307
- Funds due
- $178,095
- Interest + MI left
- $26,971
- First ends
- Jan 2043
Assumption
Assumption + second
$2,302/mo
+$1,049/mo- Down payment
- $25,307
- Funds due
- $36,502
- Interest + MI left
- $261,713
- First ends
- Jan 2043
New loan
New conventional
$2,247/mo
+$995/mo- Down payment
- $25,307
- Funds due
- $33,841
- Interest + MI left
- $321,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,693 | $76,693 | $219,693 |
| Second mortgage | — | $143,000 | — |
| First P&I | $537.12 | $537.12 | $1,488.28 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $43.94 |
| Taxes, insurance & HOA | $715.25 | $715.25 | $715.25 |
| Total housing payment | $1,252.37 | $2,301.65 | $2,247.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,307
Closing costs & prepaids$11,195
Usable credit−$0
Total buyer cash needed$36,502
Earnest money paid−$0
Remaining funds due$36,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$383.47
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)$624.75
Initial HOA (3 months)$1,071.00
Prepaid interest, first (5 days)$41.39
Prepaid interest, second (5 days)$156.71
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 closing16 yr 1 moOf the original 25-year loan at 3.94%
Interest already paid$31,765Through Dec 2026
Assumption only · ends Jan 2043$26,971
Assumption + second · ends Jan 2043, second Jan 2057$261,713
New conventional · ends Jan 2057$321,140