Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,192/mo
Lowest payment- Down payment
- $197,789
- Funds due
- $207,775
- Interest + MI left
- $63,420
- First ends
- Sep 2047
Assumption
Assumption + second
$2,395/mo
+$1,203/mo- Down payment
- $33,789
- Funds due
- $45,061
- Interest + MI left
- $332,634
- First ends
- Sep 2047
New loan
New conventional
$2,535/mo
+$1,343/mo- Down payment
- $33,789
- Funds due
- $42,005
- Interest + MI left
- $456,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,211 | $137,211 | $301,211 |
| Second mortgage | — | $164,000 | — |
| First P&I | $802.52 | $802.52 | $2,085.52 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $60.24 |
| Taxes, insurance & HOA | $389.25 | $389.25 | $389.25 |
| Total housing payment | $1,191.77 | $2,395.15 | $2,535.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,789
Closing costs & prepaids$11,272
Usable credit−$0
Total buyer cash needed$45,061
Earnest money paid−$0
Remaining funds due$45,061
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$686.06
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)$477.75
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$14.66
Prepaid interest, second (1 days)$35.95
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 closing20 yr 10 moOf the original 30-year loan at 3.900%
Interest already paid$55,343Through Nov 2026
Assumption only · ends Sep 2047$63,420
Assumption + second · ends Sep 2047, second Dec 2056$332,634
New conventional · ends Dec 2056$456,807