Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$860/mo
Lowest payment- Down payment
- $73,974
- Funds due
- $81,960
- Interest + MI left
- $34,041
- First ends
- Mar 2048
Assumption
Assumption + second
$1,335/mo
+$475/mo- Down payment
- $14,974
- Funds due
- $24,341
- Interest + MI left
- $145,943
- First ends
- Mar 2048
New loan
New conventional
$1,355/mo
+$495/mo- Down payment
- $14,974
- Funds due
- $21,823
- Interest + MI left
- $190,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,026 | $71,026 | $130,026 |
| Second mortgage | — | $59,000 | — |
| First P&I | $412.03 | $412.03 | $880.84 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $26.01 |
| Taxes, insurance & HOA | $448.00 | $448.00 | $448.00 |
| Total housing payment | $860.03 | $1,334.75 | $1,354.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,974
Closing costs & prepaids$9,367
Usable credit−$0
Total buyer cash needed$24,341
Earnest money paid−$0
Remaining funds due$24,341
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$355.13
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)$720.00
Prepaid interest, first (9 days)$69.18
Prepaid interest, second (9 days)$130.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yr 3 moOf the original 30-year loan at 3.95%
Interest already paid$27,462Through Dec 2026
Assumption only · ends Mar 2048$34,041
Assumption + second · ends Mar 2048, second Jan 2057$145,943
New conventional · ends Jan 2057$190,068