Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$815/mo
Lowest payment- Down payment
- $220,332
- Funds due
- $229,567
- Interest + MI left
- $9,851
- First ends
- Apr 2042
Assumption
Assumption + second
$2,246/mo
+$1,431/mo- Down payment
- $25,332
- Funds due
- $36,073
- Interest + MI left
- $329,954
- First ends
- Apr 2042
New loan
New conventional
$2,167/mo
+$1,352/mo- Down payment
- $25,332
- Funds due
- $33,619
- Interest + MI left
- $328,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,668 | $29,668 | $224,668 |
| Second mortgage | — | $195,000 | — |
| First P&I | $214.78 | $214.78 | $1,521.98 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | — | — | $44.93 |
| Taxes, insurance & HOA | $600.00 | $600.00 | $600.00 |
| Total housing payment | $814.78 | $2,245.62 | $2,166.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,332
Closing costs & prepaids$10,742
Usable credit−$0
Total buyer cash needed$36,073
Earnest money paid−$0
Remaining funds due$36,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$148.34
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)$300.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$19.12
Prepaid interest, second (6 days)$256.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing15 yr 4 moOf the original 30-year loan at 3.92%
Interest already paid$22,044Through Dec 2026
Assumption only · ends Apr 2042$9,851
Assumption + second · ends Apr 2042, second Jan 2057$329,954
New conventional · ends Jan 2057$328,502