Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,925/mo
Lowest payment- Down payment
- $134,524
- Funds due
- $145,774
- Interest + MI left
- $114,833
- First ends
- Jun 2047
Assumption
Assumption + second
$2,721/mo
+$797/mo- Down payment
- $35,524
- Funds due
- $48,171
- Interest + MI left
- $302,600
- First ends
- Jun 2047
New loan
New conventional
$2,775/mo
+$851/mo- Down payment
- $35,524
- Funds due
- $44,761
- Interest + MI left
- $459,752
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,475 | $215,475 | $314,475 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,342.72 | $1,342.72 | $2,130.36 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $582.00 | $582.00 | $582.00 |
| Total housing payment | $1,924.72 | $2,721.29 | $2,775.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,524
Closing costs & prepaids$12,647
Usable credit−$0
Total buyer cash needed$48,171
Earnest money paid−$0
Remaining funds due$48,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,077.38
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)$420.00
Initial HOA (3 months)$876.00
Prepaid interest, first (6 days)$159.39
Prepaid interest, second (6 days)$146.47
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 closing20 yr 6 moOf the original 30-year loan at 4.5%
Interest already paid$103,545Through Dec 2026
Assumption only · ends Jun 2047$114,833
Assumption + second · ends Jun 2047, second Jan 2057$302,600
New conventional · ends Jan 2057$459,752