Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,413/mo
Lowest payment- Down payment
- $203,899
- Funds due
- $214,508
- Interest + MI left
- $81,684
- First ends
- Mar 2047
Assumption
Assumption + second
$2,631/mo
+$1,218/mo- Down payment
- $37,899
- Funds due
- $49,976
- Interest + MI left
- $354,182
- First ends
- Mar 2047
New loan
New conventional
$2,724/mo
+$1,311/mo- Down payment
- $37,899
- Funds due
- $46,762
- Interest + MI left
- $492,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,101 | $171,101 | $337,101 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,040.27 | $1,040.27 | $2,283.64 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $67.42 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $1,413.27 | $2,631.32 | $2,724.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,899
Closing costs & prepaids$12,077
Usable credit−$0
Total buyer cash needed$49,976
Earnest money paid−$0
Remaining funds due$49,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$855.51
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)$450.00
Initial HOA (3 months)$219.00
Prepaid interest, first (6 days)$116.16
Prepaid interest, second (6 days)$218.30
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 3 moOf the original 30-year loan at 4.13%
Interest already paid$78,298Through Dec 2026
Assumption only · ends Mar 2047$81,684
Assumption + second · ends Mar 2047, second Jan 2057$354,182
New conventional · ends Jan 2057$492,897