Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $211,989
- Funds due
- $223,189
- Interest + MI left
- $114,713
- First ends
- Sep 2048
Assumption
Assumption + second
$2,889/mo
+$1,255/mo- Down payment
- $40,989
- Funds due
- $53,477
- Interest + MI left
- $395,418
- First ends
- Sep 2048
New loan
New conventional
$3,066/mo
+$1,432/mo- Down payment
- $40,989
- Funds due
- $50,052
- Interest + MI left
- $558,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,011 | $197,011 | $368,011 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,189.79 | $1,189.79 | $2,548.03 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $73.60 |
| Taxes, insurance & HOA | $444.33 | $444.33 | $444.33 |
| Total housing payment | $1,634.12 | $2,888.86 | $3,065.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,989
Closing costs & prepaids$12,488
Usable credit−$0
Total buyer cash needed$53,477
Earnest money paid−$0
Remaining funds due$53,477
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$985.06
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)$397.00
Initial HOA (3 months)$486.00
Prepaid interest, first (1 days)$24.67
Prepaid interest, second (1 days)$37.48
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 closing21 yr 10 moOf the original 30-year loan at 4.570%
Interest already paid$80,709Through Nov 2026
Assumption only · ends Sep 2048$114,713
Assumption + second · ends Sep 2048, second Dec 2056$395,418
New conventional · ends Dec 2056$558,113