Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,409/mo
Lowest payment- Down payment
- $195,981
- Funds due
- $206,125
- Interest + MI left
- $65,970
- First ends
- Dec 2043
Assumption
Assumption + second
$2,583/mo
+$1,174/mo- Down payment
- $35,981
- Funds due
- $47,586
- Interest + MI left
- $328,618
- First ends
- Dec 2043
New loan
New conventional
$2,521/mo
+$1,112/mo- Down payment
- $35,981
- Funds due
- $44,460
- Interest + MI left
- $459,085
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,019 | $154,019 | $314,019 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,078.37 | $1,078.37 | $2,127.27 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $62.80 |
| Taxes, insurance & HOA | $331.00 | $331.00 | $331.00 |
| Total housing payment | $1,409.37 | $2,583.40 | $2,521.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,981
Closing costs & prepaids$11,604
Usable credit−$0
Total buyer cash needed$47,586
Earnest money paid−$0
Remaining funds due$47,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$770.09
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)$420.00
Initial HOA (3 months)$123.00
Prepaid interest, first (6 days)$112.92
Prepaid interest, second (6 days)$210.41
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 closing17 yrOf the original 30-year loan at 4.46%
Interest already paid$108,414Through Dec 2026
Assumption only · ends Dec 2043$65,970
Assumption + second · ends Dec 2043, second Jan 2057$328,618
New conventional · ends Jan 2057$459,085