Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,261/mo
Lowest payment- Down payment
- $62,154
- Funds due
- $70,234
- Interest + MI left
- $7,929
- First ends
- Mar 2035
Assumption
Assumption + second
$1,664/mo
+$402/mo- Down payment
- $12,154
- Funds due
- $21,558
- Interest + MI left
- $102,762
- First ends
- Mar 2035
New loan
New conventional
$1,349/mo
+$88/mo- Down payment
- $12,154
- Funds due
- $19,128
- Interest + MI left
- $157,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,746 | $57,746 | $107,746 |
| Second mortgage | — | $50,000 | — |
| First P&I | $663.39 | $663.39 | $729.91 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $21.55 |
| Taxes, insurance & HOA | $598.00 | $598.00 | $598.00 |
| Total housing payment | $1,261.39 | $1,663.70 | $1,349.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,154
Closing costs & prepaids$9,404
Usable credit−$0
Total buyer cash needed$21,558
Earnest money paid−$0
Remaining funds due$21,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$288.73
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)$144.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$30.00
Prepaid interest, second (6 days)$73.97
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 closing8 yr 3 moOf the original 15-year loan at 3.16%
Interest already paid$16,480Through Dec 2026
Assumption only · ends Mar 2035$7,929
Assumption + second · ends Mar 2035, second Jan 2057$102,762
New conventional · ends Jan 2057$157,542