Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$778/mo
Lowest payment- Down payment
- $98,415
- Funds due
- $106,322
- Interest + MI left
- $40,343
- First ends
- Jun 2047
Assumption
Assumption + second
$1,422/mo
+$644/mo- Down payment
- $18,415
- Funds due
- $27,750
- Interest + MI left
- $192,074
- First ends
- Jun 2047
New loan
New conventional
$1,409/mo
+$631/mo- Down payment
- $18,415
- Funds due
- $25,139
- Interest + MI left
- $236,232
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,585 | $81,585 | $161,585 |
| Second mortgage | — | $80,000 | — |
| First P&I | $495.64 | $495.64 | $1,094.63 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $32.32 |
| Taxes, insurance & HOA | $282.33 | $282.33 | $282.33 |
| Total housing payment | $777.97 | $1,421.67 | $1,409.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,415
Closing costs & prepaids$9,335
Usable credit−$0
Total buyer cash needed$27,750
Earnest money paid−$0
Remaining funds due$27,750
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$407.93
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)$216.00
Initial HOA (3 months)$180.99
Prepaid interest, first (9 days)$84.69
Prepaid interest, second (9 days)$177.53
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 closing20 yr 6 moOf the original 30-year loan at 4.21%
Interest already paid$36,854Through Dec 2026
Assumption only · ends Jun 2047$40,343
Assumption + second · ends Jun 2047, second Jan 2057$192,074
New conventional · ends Jan 2057$236,232