Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,386/mo
Lowest payment- Down payment
- $199,284
- Funds due
- $210,111
- Interest + MI left
- $92,558
- First ends
- Nov 2049
Assumption
Assumption + second
$2,553/mo
+$1,167/mo- Down payment
- $40,284
- Funds due
- $52,570
- Interest + MI left
- $353,565
- First ends
- Nov 2049
New loan
New conventional
$2,812/mo
+$1,426/mo- Down payment
- $40,284
- Funds due
- $49,239
- Interest + MI left
- $518,583
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,716 | $195,716 | $354,716 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,048.27 | $1,048.27 | $2,402.97 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $70.94 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,386.27 | $2,552.96 | $2,811.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,284
Closing costs & prepaids$12,286
Usable credit−$0
Total buyer cash needed$52,570
Earnest money paid−$0
Remaining funds due$52,570
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$978.58
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)$474.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$116.46
Prepaid interest, second (6 days)$209.10
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 closing22 yr 11 moOf the original 30-year loan at 3.62%
Interest already paid$54,819Through Dec 2026
Assumption only · ends Nov 2049$92,558
Assumption + second · ends Nov 2049, second Jan 2057$353,565
New conventional · ends Jan 2057$518,583