Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$777/mo
Lowest payment- Down payment
- $271,865
- Funds due
- $281,257
- Interest + MI left
- $19,740
- First ends
- Sep 2041
Assumption
Assumption + second
$2,489/mo
+$1,712/mo- Down payment
- $32,865
- Funds due
- $43,558
- Interest + MI left
- $397,141
- First ends
- Sep 2041
New loan
New conventional
$2,448/mo
+$1,672/mo- Down payment
- $32,865
- Funds due
- $40,922
- Interest + MI left
- $442,984
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,135 | $53,135 | $292,135 |
| Second mortgage | — | $239,000 | — |
| First P&I | $409.41 | $409.41 | $2,022.68 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | — | — | $58.43 |
| Taxes, insurance & HOA | $367.25 | $367.25 | $367.25 |
| Total housing payment | $776.66 | $2,488.88 | $2,448.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,865
Closing costs & prepaids$10,693
Usable credit−$0
Total buyer cash needed$43,558
Earnest money paid−$0
Remaining funds due$43,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$265.67
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)$261.75
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$6.54
Prepaid interest, second (1 days)$50.75
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 closing14 yr 10 moOf the original 30-year loan at 4.490%
Interest already paid$46,751Through Nov 2026
Assumption only · ends Sep 2041$19,740
Assumption + second · ends Sep 2041, second Dec 2056$397,141
New conventional · ends Dec 2056$442,984