Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,154/mo
Lowest payment- Down payment
- $143,830
- Funds due
- $153,225
- Interest + MI left
- $58,532
- First ends
- Nov 2048
Assumption
Assumption + second
$2,027/mo
+$873/mo- Down payment
- $24,830
- Funds due
- $35,527
- Interest + MI left
- $253,877
- First ends
- Nov 2048
New loan
New conventional
$2,117/mo
+$964/mo- Down payment
- $24,830
- Funds due
- $32,742
- Interest + MI left
- $333,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,170 | $101,170 | $220,170 |
| Second mortgage | — | $119,000 | — |
| First P&I | $604.93 | $604.93 | $1,524.41 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $44.03 |
| Taxes, insurance & HOA | $548.67 | $548.67 | $548.67 |
| Total housing payment | $1,153.60 | $2,026.78 | $2,117.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,830
Closing costs & prepaids$10,697
Usable credit−$0
Total buyer cash needed$35,527
Earnest money paid−$0
Remaining funds due$35,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$505.85
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)$233.00
Initial HOA (3 months)$963.00
Prepaid interest, first (2 days)$25.00
Prepaid interest, second (2 days)$52.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 4.510%
Interest already paid$39,993Through Nov 2026
Assumption only · ends Nov 2048$58,532
Assumption + second · ends Nov 2048, second Dec 2056$253,877
New conventional · ends Dec 2056$333,859