Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $193,195
- Funds due
- $205,568
- Interest + MI left
- $74,732
- First ends
- Jan 2049
Assumption
Assumption + second
$3,012/mo
+$1,115/mo- Down payment
- $41,195
- Funds due
- $54,851
- Interest + MI left
- $324,248
- First ends
- Jan 2049
New loan
New conventional
$3,428/mo
+$1,531/mo- Down payment
- $41,195
- Funds due
- $51,336
- Interest + MI left
- $559,318
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,805 | $216,805 | $368,805 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,096.00 | $1,096.00 | $2,553.53 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $73.76 |
| Taxes, insurance & HOA | $801.16 | $801.16 | $801.16 |
| Total housing payment | $1,897.17 | $3,012.49 | $3,428.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,195
Closing costs & prepaids$13,656
Usable credit−$0
Total buyer cash needed$54,851
Earnest money paid−$0
Remaining funds due$54,851
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,084.02
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)$1,079.50
Initial HOA (3 months)$873.99
Prepaid interest, first (1 days)$16.69
Prepaid interest, second (1 days)$33.32
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 closing22 yr 2 moOf the original 28-year loan at 2.810%
Interest already paid$38,777Through Nov 2026
Assumption only · ends Jan 2049$74,732
Assumption + second · ends Jan 2049, second Dec 2056$324,248
New conventional · ends Dec 2056$559,318