Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $221,273
- Funds due
- $232,891
- Interest + MI left
- $40,804
- First ends
- Aug 2046
Assumption
Assumption + second
$2,904/mo
+$1,335/mo- Down payment
- $39,273
- Funds due
- $52,380
- Interest + MI left
- $339,566
- First ends
- Aug 2046
New loan
New conventional
$3,127/mo
+$1,558/mo- Down payment
- $39,273
- Funds due
- $49,212
- Interest + MI left
- $512,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,727 | $168,727 | $350,727 |
| Second mortgage | — | $182,000 | — |
| First P&I | $887.84 | $887.84 | $2,375.95 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $70.15 |
| Taxes, insurance & HOA | $681.00 | $681.00 | $681.00 |
| Total housing payment | $1,568.84 | $2,904.30 | $3,127.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,273
Closing costs & prepaids$13,107
Usable credit−$0
Total buyer cash needed$52,380
Earnest money paid−$0
Remaining funds due$52,380
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$843.64
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)$468.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (6 days)$63.24
Prepaid interest, second (6 days)$239.34
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 closing19 yr 8 moOf the original 25-year loan at 2.28%
Interest already paid$22,668Through Dec 2026
Assumption only · ends Aug 2046$40,804
Assumption + second · ends Aug 2046, second Jan 2057$339,566
New conventional · ends Jan 2057$512,821