Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,356/mo
Lowest payment- Down payment
- $236,285
- Funds due
- $247,029
- Interest + MI left
- $66,359
- First ends
- Jul 2046
Assumption
Assumption + second
$2,794/mo
+$1,438/mo- Down payment
- $40,285
- Funds due
- $52,322
- Interest + MI left
- $388,104
- First ends
- Jul 2046
New loan
New conventional
$2,941/mo
+$1,585/mo- Down payment
- $40,285
- Funds due
- $49,076
- Interest + MI left
- $544,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,715 | $162,715 | $358,715 |
| Second mortgage | — | $196,000 | — |
| First P&I | $970.65 | $970.65 | $2,483.67 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $71.74 |
| Taxes, insurance & HOA | $385.25 | $385.25 | $385.25 |
| Total housing payment | $1,355.90 | $2,794.08 | $2,940.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,285
Closing costs & prepaids$12,037
Usable credit−$0
Total buyer cash needed$52,322
Earnest money paid−$0
Remaining funds due$52,322
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$813.57
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)$489.75
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$16.45
Prepaid interest, second (1 days)$42.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing19 yr 8 moOf the original 30-year loan at 3.690%
Interest already paid$71,934Through Nov 2026
Assumption only · ends Jul 2046$66,359
Assumption + second · ends Jul 2046, second Dec 2056$388,104
New conventional · ends Dec 2056$544,015