Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,123/mo
Lowest payment- Down payment
- $251,814
- Funds due
- $262,159
- Interest + MI left
- $57,680
- First ends
- Sep 2047
Assumption
Assumption + second
$2,656/mo
+$1,533/mo- Down payment
- $37,814
- Funds due
- $49,454
- Interest + MI left
- $395,604
- First ends
- Sep 2047
New loan
New conventional
$2,800/mo
+$1,677/mo- Down payment
- $37,814
- Funds due
- $46,429
- Interest + MI left
- $510,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,686 | $122,686 | $336,686 |
| Second mortgage | — | $214,000 | — |
| First P&I | $721.46 | $721.46 | $2,331.15 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $67.34 |
| Taxes, insurance & HOA | $401.50 | $401.50 | $401.50 |
| Total housing payment | $1,122.96 | $2,656.08 | $2,799.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,814
Closing costs & prepaids$11,640
Usable credit−$0
Total buyer cash needed$49,454
Earnest money paid−$0
Remaining funds due$49,454
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,745.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$613.43
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)$349.50
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$13.31
Prepaid interest, second (1 days)$45.44
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 3.960%
Interest already paid$50,196Through Nov 2026
Assumption only · ends Sep 2047$57,680
Assumption + second · ends Sep 2047, second Dec 2056$395,604
New conventional · ends Dec 2056$510,540