Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$960/mo
Lowest payment- Down payment
- $44,667
- Funds due
- $52,657
- Interest + MI left
- $51,986
- First ends
- Jul 2049
Assumption
Assumption + second
$1,201/mo
+$241/mo- Down payment
- $14,667
- Funds due
- $23,974
- Interest + MI left
- $108,886
- First ends
- Jul 2049
New loan
New conventional
$1,290/mo
+$331/mo- Down payment
- $14,667
- Funds due
- $21,365
- Interest + MI left
- $183,182
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,333 | $95,333 | $125,333 |
| Second mortgage | — | $30,000 | — |
| First P&I | $543.62 | $543.62 | $849.05 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $25.07 |
| Taxes, insurance & HOA | $416.00 | $416.00 | $416.00 |
| Total housing payment | $959.62 | $1,201.00 | $1,290.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,667
Closing costs & prepaids$9,307
Usable credit−$0
Total buyer cash needed$23,974
Earnest money paid−$0
Remaining funds due$23,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$476.67
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)$168.00
Initial HOA (3 months)$630.00
Prepaid interest, first (9 days)$98.02
Prepaid interest, second (9 days)$66.58
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 closing22 yr 7 moOf the original 30-year loan at 4.17%
Interest already paid$32,151Through Dec 2026
Assumption only · ends Jul 2049$51,986
Assumption + second · ends Jul 2049, second Jan 2057$108,886
New conventional · ends Jan 2057$183,182