Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$861/mo
Lowest payment- Down payment
- $130,017
- Funds due
- $138,478
- Interest + MI left
- $22,038
- First ends
- Oct 2045
Assumption
Assumption + second
$1,675/mo
+$814/mo- Down payment
- $19,017
- Funds due
- $28,777
- Interest + MI left
- $204,250
- First ends
- Oct 2045
New loan
New conventional
$1,693/mo
+$832/mo- Down payment
- $19,017
- Funds due
- $26,295
- Interest + MI left
- $245,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,883 | $50,883 | $161,883 |
| Second mortgage | — | $111,000 | — |
| First P&I | $321.24 | $321.24 | $1,120.85 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $32.38 |
| Taxes, insurance & HOA | $539.50 | $539.50 | $539.50 |
| Total housing payment | $860.74 | $1,675.21 | $1,692.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,017
Closing costs & prepaids$9,760
Usable credit−$0
Total buyer cash needed$28,777
Earnest money paid−$0
Remaining funds due$28,777
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,809.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$254.41
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)$85.50
Initial HOA (3 months)$1,083.00
Prepaid interest, first (2 days)$11.29
Prepaid interest, second (2 days)$48.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing18 yr 11 moOf the original 30-year loan at 4.050%
Interest already paid$26,725Through Nov 2026
Assumption only · ends Oct 2045$22,038
Assumption + second · ends Oct 2045, second Dec 2056$204,250
New conventional · ends Dec 2056$245,409