Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $197,719
- Funds due
- $208,957
- Interest + MI left
- $50,401
- First ends
- Jan 2046
Assumption
Assumption + second
$2,785/mo
+$1,181/mo- Down payment
- $36,719
- Funds due
- $49,242
- Interest + MI left
- $314,691
- First ends
- Jan 2046
New loan
New conventional
$2,996/mo
+$1,392/mo- Down payment
- $36,719
- Funds due
- $46,014
- Interest + MI left
- $497,860
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,281 | $167,281 | $328,281 |
| Second mortgage | — | $161,000 | — |
| First P&I | $946.45 | $946.45 | $2,272.95 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $65.66 |
| Taxes, insurance & HOA | $656.92 | $656.92 | $656.92 |
| Total housing payment | $1,603.36 | $2,784.72 | $2,995.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,719
Closing costs & prepaids$12,524
Usable credit−$0
Total buyer cash needed$49,242
Earnest money paid−$0
Remaining funds due$49,242
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$836.41
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)$410.75
Initial HOA (3 months)$1,110.00
Prepaid interest, first (1 days)$13.15
Prepaid interest, second (1 days)$35.29
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 closing19 yr 2 moOf the original 25-year loan at 2.870%
Interest already paid$31,074Through Nov 2026
Assumption only · ends Jan 2046$50,401
Assumption + second · ends Jan 2046, second Dec 2056$314,691
New conventional · ends Dec 2056$497,860