Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,746/mo
Lowest payment- Down payment
- $182,299
- Funds due
- $193,726
- Interest + MI left
- $90,749
- First ends
- Jan 2047
Assumption
Assumption + second
$2,774/mo
+$1,027/mo- Down payment
- $42,299
- Funds due
- $55,161
- Interest + MI left
- $320,566
- First ends
- Jan 2047
New loan
New conventional
$3,004/mo
+$1,257/mo- Down payment
- $42,299
- Funds due
- $51,654
- Interest + MI left
- $544,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,701 | $232,701 | $372,701 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,342.12 | $1,342.12 | $2,524.81 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $74.54 |
| Taxes, insurance & HOA | $404.33 | $404.33 | $404.33 |
| Total housing payment | $1,746.45 | $2,773.72 | $3,003.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,299
Closing costs & prepaids$12,861
Usable credit−$0
Total buyer cash needed$55,161
Earnest money paid−$0
Remaining funds due$55,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,163.50
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)$498.00
Initial HOA (3 months)$264.99
Prepaid interest, first (6 days)$132.74
Prepaid interest, second (6 days)$184.11
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 closing20 yr 1 moOf the original 30-year loan at 3.47%
Interest already paid$92,412Through Dec 2026
Assumption only · ends Jan 2047$90,749
Assumption + second · ends Jan 2047, second Jan 2057$320,566
New conventional · ends Jan 2057$544,876