Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,163/mo
Lowest payment- Down payment
- $193,852
- Funds due
- $203,436
- Interest + MI left
- $40,811
- First ends
- Jun 2043
Assumption
Assumption + second
$2,345/mo
+$1,181/mo- Down payment
- $32,852
- Funds due
- $43,721
- Interest + MI left
- $305,101
- First ends
- Jun 2043
New loan
New conventional
$2,370/mo
+$1,207/mo- Down payment
- $32,852
- Funds due
- $40,730
- Interest + MI left
- $435,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,148 | $126,148 | $287,148 |
| Second mortgage | — | $161,000 | — |
| First P&I | $838.99 | $838.99 | $1,988.15 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $57.43 |
| Taxes, insurance & HOA | $324.42 | $324.42 | $324.42 |
| Total housing payment | $1,163.41 | $2,344.77 | $2,370.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,852
Closing costs & prepaids$10,870
Usable credit−$0
Total buyer cash needed$43,721
Earnest money paid−$0
Remaining funds due$43,721
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$630.74
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)$403.25
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$12.23
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 closing16 yr 7 moOf the original 30-year loan at 3.540%
Interest already paid$75,312Through Nov 2026
Assumption only · ends Jun 2043$40,811
Assumption + second · ends Jun 2043, second Dec 2056$305,101
New conventional · ends Dec 2056$435,364