Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,161/mo
Lowest payment- Down payment
- $147,449
- Funds due
- $156,822
- Interest + MI left
- $69,876
- First ends
- Oct 2047
Assumption
Assumption + second
$2,020/mo
+$859/mo- Down payment
- $30,449
- Funds due
- $41,123
- Interest + MI left
- $261,937
- First ends
- Oct 2047
New loan
New conventional
$2,179/mo
+$1,018/mo- Down payment
- $30,449
- Funds due
- $38,061
- Interest + MI left
- $401,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,551 | $147,551 | $264,551 |
| Second mortgage | — | $117,000 | — |
| First P&I | $866.24 | $866.24 | $1,831.70 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $52.91 |
| Taxes, insurance & HOA | $294.84 | $294.84 | $294.84 |
| Total housing payment | $1,161.08 | $2,019.58 | $2,179.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,449
Closing costs & prepaids$10,674
Usable credit−$0
Total buyer cash needed$41,123
Earnest money paid−$0
Remaining funds due$41,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$737.75
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)$390.50
Initial HOA (3 months)$44.01
Prepaid interest, first (2 days)$32.10
Prepaid interest, second (2 days)$51.29
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 closing20 yr 11 moOf the original 30-year loan at 3.970%
Interest already paid$59,868Through Nov 2026
Assumption only · ends Oct 2047$69,876
Assumption + second · ends Oct 2047, second Dec 2056$261,937
New conventional · ends Dec 2056$401,104