Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,317/mo
Lowest payment- Down payment
- $65,621
- Funds due
- $74,749
- Interest + MI left
- $66,338
- First ends
- Apr 2048
Assumption
Assumption + second
$1,679/mo
+$362/mo- Down payment
- $20,621
- Funds due
- $31,066
- Interest + MI left
- $151,687
- First ends
- Apr 2048
New loan
New conventional
$1,784/mo
+$467/mo- Down payment
- $20,621
- Funds due
- $28,201
- Interest + MI left
- $262,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,379 | $134,379 | $179,379 |
| Second mortgage | — | $45,000 | — |
| First P&I | $784.05 | $784.05 | $1,215.18 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $35.88 |
| Taxes, insurance & HOA | $533.00 | $533.00 | $533.00 |
| Total housing payment | $1,317.05 | $1,679.13 | $1,784.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,621
Closing costs & prepaids$10,445
Usable credit−$0
Total buyer cash needed$31,066
Earnest money paid−$0
Remaining funds due$31,066
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$671.90
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)$240.00
Initial HOA (3 months)$909.00
Prepaid interest, first (6 days)$89.24
Prepaid interest, second (6 days)$66.58
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 closing21 yr 4 moOf the original 30-year loan at 4.04%
Interest already paid$52,483Through Dec 2026
Assumption only · ends Apr 2048$66,338
Assumption + second · ends Apr 2048, second Jan 2057$151,687
New conventional · ends Jan 2057$262,246