Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,382/mo
Lowest payment- Down payment
- $223,442
- Funds due
- $234,157
- Interest + MI left
- $62,601
- First ends
- Jun 2046
Assumption
Assumption + second
$2,739/mo
+$1,357/mo- Down payment
- $38,442
- Funds due
- $50,447
- Interest + MI left
- $366,289
- First ends
- Jun 2046
New loan
New conventional
$2,883/mo
+$1,501/mo- Down payment
- $38,442
- Funds due
- $47,250
- Interest + MI left
- $517,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,558 | $156,558 | $341,558 |
| Second mortgage | — | $185,000 | — |
| First P&I | $932.59 | $932.59 | $2,364.88 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $68.31 |
| Taxes, insurance & HOA | $449.42 | $449.42 | $449.42 |
| Total housing payment | $1,382.01 | $2,739.47 | $2,882.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,442
Closing costs & prepaids$12,005
Usable credit−$0
Total buyer cash needed$50,447
Earnest money paid−$0
Remaining funds due$50,447
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$782.79
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)$508.25
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$15.61
Prepaid interest, second (1 days)$40.55
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 7 moOf the original 30-year loan at 3.640%
Interest already paid$69,017Through Nov 2026
Assumption only · ends Jun 2046$62,601
Assumption + second · ends Jun 2046, second Dec 2056$366,289
New conventional · ends Dec 2056$517,927