Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$921/mo
Lowest payment- Down payment
- $233,180
- Funds due
- $242,200
- Interest + MI left
- $24,011
- First ends
- Sep 2038
Assumption
Assumption + second
$2,383/mo
+$1,461/mo- Down payment
- $29,180
- Funds due
- $39,494
- Interest + MI left
- $346,144
- First ends
- Sep 2038
New loan
New conventional
$2,210/mo
+$1,289/mo- Down payment
- $29,180
- Funds due
- $36,877
- Interest + MI left
- $394,793
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,320 | $56,320 | $260,320 |
| Second mortgage | — | $204,000 | — |
| First P&I | $565.71 | $565.71 | $1,802.40 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $52.06 |
| Taxes, insurance & HOA | $355.33 | $355.33 | $355.33 |
| Total housing payment | $921.04 | $2,382.52 | $2,209.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,180
Closing costs & prepaids$10,314
Usable credit−$0
Total buyer cash needed$39,494
Earnest money paid−$0
Remaining funds due$39,494
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$281.60
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)$271.00
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$9.83
Prepaid interest, second (1 days)$43.32
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 closing11 yr 10 moOf the original 30-year loan at 6.370%
Interest already paid$88,920Through Nov 2026
Assumption only · ends Sep 2038$24,011
Assumption + second · ends Sep 2038, second Dec 2056$346,144
New conventional · ends Dec 2056$394,793