Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,240/mo
Lowest payment- Down payment
- $101,350
- Funds due
- $110,875
- Interest + MI left
- $55,579
- First ends
- Aug 2049
Assumption
Assumption + second
$1,859/mo
+$620/mo- Down payment
- $24,350
- Funds due
- $35,296
- Interest + MI left
- $201,620
- First ends
- Aug 2049
New loan
New conventional
$2,013/mo
+$773/mo- Down payment
- $24,350
- Funds due
- $32,436
- Interest + MI left
- $307,919
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,649 | $133,649 | $210,649 |
| Second mortgage | — | $77,000 | — |
| First P&I | $695.69 | $695.69 | $1,427.01 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $42.13 |
| Taxes, insurance & HOA | $544.00 | $544.00 | $544.00 |
| Total housing payment | $1,239.69 | $1,859.25 | $2,013.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,350
Closing costs & prepaids$10,947
Usable credit−$0
Total buyer cash needed$35,296
Earnest money paid−$0
Remaining funds due$35,296
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$668.25
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)$282.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$107.43
Prepaid interest, second (9 days)$170.88
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 8 moOf the original 29-year loan at 3.26%
Interest already paid$30,061Through Dec 2026
Assumption only · ends Aug 2049$55,579
Assumption + second · ends Aug 2049, second Jan 2057$201,620
New conventional · ends Jan 2057$307,919