Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,810/mo
Lowest payment- Down payment
- $230,834
- Funds due
- $245,653
- Interest + MI left
- $129,002
- First ends
- Aug 2045
Assumption
Assumption + second
$4,043/mo
+$1,233/mo- Down payment
- $62,834
- Funds due
- $79,124
- Interest + MI left
- $404,783
- First ends
- Aug 2045
New loan
New conventional
$4,395/mo
+$1,585/mo- Down payment
- $62,834
- Funds due
- $74,718
- Interest + MI left
- $821,980
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,166 | $394,166 | $562,166 |
| Second mortgage | — | $168,000 | — |
| First P&I | $2,335.57 | $2,335.57 | $3,808.31 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $112.43 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $2,810.24 | $4,042.96 | $4,395.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,834
Closing costs & prepaids$16,290
Usable credit−$0
Total buyer cash needed$79,124
Earnest money paid−$0
Remaining funds due$79,124
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,970.83
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$206.05
Prepaid interest, second (6 days)$220.93
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 closing18 yr 8 moOf the original 25-year loan at 3.18%
Interest already paid$88,740Through Dec 2026
Assumption only · ends Aug 2045$129,002
Assumption + second · ends Aug 2045, second Jan 2057$404,783
New conventional · ends Jan 2057$821,980