Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$708/mo
Lowest payment- Down payment
- $118,231
- Funds due
- $126,244
- Interest + MI left
- $12,883
- First ends
- May 2047
Assumption
Assumption + second
$1,464/mo
+$756/mo- Down payment
- $15,231
- Funds due
- $24,652
- Interest + MI left
- $181,963
- First ends
- May 2047
New loan
New conventional
$1,451/mo
+$743/mo- Down payment
- $15,231
- Funds due
- $22,322
- Interest + MI left
- $189,520
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,669 | $26,669 | $129,669 |
| Second mortgage | — | $103,000 | — |
| First P&I | $161.44 | $161.44 | $878.42 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $25.93 |
| Taxes, insurance & HOA | $547.00 | $547.00 | $547.00 |
| Total housing payment | $708.44 | $1,464.21 | $1,451.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,231
Closing costs & prepaids$9,421
Usable credit−$0
Total buyer cash needed$24,652
Earnest money paid−$0
Remaining funds due$24,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$133.34
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)$174.00
Initial HOA (3 months)$1,017.00
Prepaid interest, first (7 days)$21.17
Prepaid interest, second (7 days)$158.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing20 yr 5 moOf the original 30-year loan at 4.14%
Interest already paid$11,984Through Dec 2026
Assumption only · ends May 2047$12,883
Assumption + second · ends May 2047, second Jan 2057$181,963
New conventional · ends Jan 2057$189,520