Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $144,386
- Funds due
- $154,431
- Interest + MI left
- $109,481
- First ends
- Apr 2049
Assumption
Assumption + second
$2,251/mo
+$814/mo- Down payment
- $33,386
- Funds due
- $44,705
- Interest + MI left
- $291,693
- First ends
- Apr 2049
New loan
New conventional
$2,459/mo
+$1,023/mo- Down payment
- $33,386
- Funds due
- $41,404
- Interest + MI left
- $452,868
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,614 | $187,614 | $298,614 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,104.44 | $1,104.44 | $2,067.54 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $59.72 |
| Taxes, insurance & HOA | $332.00 | $332.00 | $332.00 |
| Total housing payment | $1,436.44 | $2,250.92 | $2,459.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,386
Closing costs & prepaids$11,319
Usable credit−$0
Total buyer cash needed$44,705
Earnest money paid−$0
Remaining funds due$44,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,320.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$938.07
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)$375.00
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$22.92
Prepaid interest, second (1 days)$24.33
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 closing22 yr 5 moOf the original 30-year loan at 4.460%
Interest already paid$69,118Through Nov 2026
Assumption only · ends Apr 2049$109,481
Assumption + second · ends Apr 2049, second Dec 2056$291,693
New conventional · ends Dec 2056$452,868