Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,242/mo
Lowest payment- Down payment
- $167,353
- Funds due
- $177,276
- Interest + MI left
- $69,415
- First ends
- Oct 2047
Assumption
Assumption + second
$2,233/mo
+$991/mo- Down payment
- $32,353
- Funds due
- $43,792
- Interest + MI left
- $291,025
- First ends
- Oct 2047
New loan
New conventional
$2,345/mo
+$1,103/mo- Down payment
- $32,353
- Funds due
- $40,777
- Interest + MI left
- $413,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,647 | $147,647 | $282,647 |
| Second mortgage | — | $135,000 | — |
| First P&I | $868.25 | $868.25 | $1,914.75 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $56.53 |
| Taxes, insurance & HOA | $374.00 | $374.00 | $374.00 |
| Total housing payment | $1,242.25 | $2,232.83 | $2,345.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,353
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$43,792
Earnest money paid−$0
Remaining funds due$43,792
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$738.23
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)$378.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$144.17
Prepaid interest, second (9 days)$266.30
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 10 moOf the original 30-year loan at 3.96%
Interest already paid$60,408Through Dec 2026
Assumption only · ends Oct 2047$69,415
Assumption + second · ends Oct 2047, second Jan 2057$291,025
New conventional · ends Jan 2057$413,220