Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,103/mo
Lowest payment- Down payment
- $167,747
- Funds due
- $177,212
- Interest + MI left
- $51,374
- First ends
- Dec 2046
Assumption
Assumption + second
$2,108/mo
+$1,005/mo- Down payment
- $30,747
- Funds due
- $41,492
- Interest + MI left
- $276,267
- First ends
- Dec 2046
New loan
New conventional
$2,259/mo
+$1,156/mo- Down payment
- $30,747
- Funds due
- $38,493
- Interest + MI left
- $408,135
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,153 | $132,153 | $269,153 |
| Second mortgage | — | $137,000 | — |
| First P&I | $761.52 | $761.52 | $1,863.56 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $53.83 |
| Taxes, insurance & HOA | $341.67 | $341.67 | $341.67 |
| Total housing payment | $1,103.19 | $2,108.45 | $2,259.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,747
Closing costs & prepaids$10,745
Usable credit−$0
Total buyer cash needed$41,492
Earnest money paid−$0
Remaining funds due$41,492
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$660.77
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)$377.00
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$12.53
Prepaid interest, second (1 days)$30.03
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 1 moOf the original 30-year loan at 3.460%
Interest already paid$52,341Through Nov 2026
Assumption only · ends Dec 2046$51,374
Assumption + second · ends Dec 2046, second Dec 2056$276,267
New conventional · ends Dec 2056$408,135