Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,918/mo
Lowest payment- Down payment
- $67,952
- Funds due
- $78,958
- Interest + MI left
- $137,702
- First ends
- Oct 2049
Assumption
Assumption + second
$2,183/mo
+$266/mo- Down payment
- $34,952
- Funds due
- $47,256
- Interest + MI left
- $200,291
- First ends
- Oct 2049
New loan
New conventional
$2,580/mo
+$662/mo- Down payment
- $34,952
- Funds due
- $43,607
- Interest + MI left
- $459,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,048 | $281,048 | $314,048 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,528.28 | $1,528.28 | $2,127.47 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $62.81 |
| Taxes, insurance & HOA | $389.58 | $389.58 | $389.58 |
| Total housing payment | $1,917.86 | $2,183.39 | $2,579.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,952
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$47,256
Earnest money paid−$0
Remaining funds due$47,256
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,405.24
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)$418.75
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$173.25
Prepaid interest, second (6 days)$48.82
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 10 moOf the original 30-year loan at 3.75%
Interest already paid$82,480Through Dec 2026
Assumption only · ends Oct 2049$137,702
Assumption + second · ends Oct 2049, second Jan 2057$200,291
New conventional · ends Jan 2057$459,190