Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $99,584
- Funds due
- $110,026
- Interest + MI left
- $94,255
- First ends
- Sep 2049
Assumption
Assumption + second
$2,174/mo
+$563/mo- Down payment
- $29,584
- Funds due
- $41,379
- Interest + MI left
- $227,020
- First ends
- Sep 2049
New loan
New conventional
$2,384/mo
+$773/mo- Down payment
- $29,584
- Funds due
- $38,173
- Interest + MI left
- $380,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,316 | $190,316 | $260,316 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,042.38 | $1,042.38 | $1,763.47 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $52.06 |
| Taxes, insurance & HOA | $568.00 | $568.00 | $568.00 |
| Total housing payment | $1,610.38 | $2,173.62 | $2,383.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,584
Closing costs & prepaids$11,795
Usable credit−$0
Total buyer cash needed$41,379
Earnest money paid−$0
Remaining funds due$41,379
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$951.58
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)$348.00
Initial HOA (3 months)$906.00
Prepaid interest, first (6 days)$118.88
Prepaid interest, second (6 days)$103.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 30-year loan at 3.8%
Interest already paid$57,295Through Dec 2026
Assumption only · ends Sep 2049$94,255
Assumption + second · ends Sep 2049, second Jan 2057$227,020
New conventional · ends Jan 2057$380,573