Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,381/mo
Lowest payment- Down payment
- $222,142
- Funds due
- $235,600
- Interest + MI left
- $75,359
- First ends
- Jul 2045
Assumption
Assumption + second
$3,701/mo
+$1,321/mo- Down payment
- $42,142
- Funds due
- $56,889
- Interest + MI left
- $370,839
- First ends
- Jul 2045
New loan
New conventional
$3,850/mo
+$1,469/mo- Down payment
- $42,142
- Funds due
- $53,458
- Interest + MI left
- $571,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,858 | $196,858 | $376,858 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,215.26 | $1,215.26 | $2,609.29 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $75.37 |
| Taxes, insurance & HOA | $1,165.25 | $1,165.25 | $1,165.25 |
| Total housing payment | $2,380.51 | $3,701.28 | $3,849.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,142
Closing costs & prepaids$14,747
Usable credit−$0
Total buyer cash needed$56,889
Earnest money paid−$0
Remaining funds due$56,889
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$984.29
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)$771.75
Initial HOA (3 months)$2,274.00
Prepaid interest, first (1 days)$19.79
Prepaid interest, second (1 days)$39.45
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 3.670%
Interest already paid$97,133Through Nov 2026
Assumption only · ends Jul 2045$75,359
Assumption + second · ends Jul 2045, second Dec 2056$370,839
New conventional · ends Dec 2056$571,531