Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,142/mo
Lowest payment- Down payment
- $255,073
- Funds due
- $265,370
- Interest + MI left
- $49,260
- First ends
- Jul 2045
Assumption
Assumption + second
$2,696/mo
+$1,555/mo- Down payment
- $38,073
- Funds due
- $49,666
- Interest + MI left
- $391,921
- First ends
- Jul 2045
New loan
New conventional
$2,800/mo
+$1,658/mo- Down payment
- $38,073
- Funds due
- $46,629
- Interest + MI left
- $518,555
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,927 | $124,927 | $341,927 |
| Second mortgage | — | $217,000 | — |
| First P&I | $777.62 | $777.62 | $2,367.43 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $68.39 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $1,141.62 | $2,696.24 | $2,799.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,073
Closing costs & prepaids$11,594
Usable credit−$0
Total buyer cash needed$49,666
Earnest money paid−$0
Remaining funds due$49,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$624.64
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)$336.00
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$12.90
Prepaid interest, second (1 days)$46.08
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 closing18 yr 8 moOf the original 30-year loan at 3.770%
Interest already paid$63,184Through Nov 2026
Assumption only · ends Jul 2045$49,260
Assumption + second · ends Jul 2045, second Dec 2056$391,921
New conventional · ends Dec 2056$518,555