Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,209/mo
Lowest payment- Down payment
- $101,018
- Funds due
- $110,358
- Interest + MI left
- $55,943
- First ends
- Aug 2049
Assumption
Assumption + second
$1,829/mo
+$620/mo- Down payment
- $24,018
- Funds due
- $34,627
- Interest + MI left
- $201,984
- First ends
- Aug 2049
New loan
New conventional
$2,016/mo
+$807/mo- Down payment
- $24,018
- Funds due
- $31,686
- Interest + MI left
- $319,925
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,981 | $133,981 | $210,981 |
| Second mortgage | — | $77,000 | — |
| First P&I | $695.69 | $695.69 | $1,460.79 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $42.20 |
| Taxes, insurance & HOA | $513.42 | $513.42 | $513.42 |
| Total housing payment | $1,209.11 | $1,828.67 | $2,016.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,018
Closing costs & prepaids$10,609
Usable credit−$0
Total buyer cash needed$34,627
Earnest money paid−$0
Remaining funds due$34,627
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$669.90
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)$190.25
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$11.97
Prepaid interest, second (1 days)$18.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 29-year loan at 3.260%
Interest already paid$29,697Through Nov 2026
Assumption only · ends Aug 2049$55,943
Assumption + second · ends Aug 2049, second Dec 2056$201,984
New conventional · ends Dec 2056$319,925