Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$858/mo
Lowest payment- Down payment
- $231,740
- Funds due
- $240,911
- Interest + MI left
- $21,712
- First ends
- Nov 2040
Assumption
Assumption + second
$2,312/mo
+$1,454/mo- Down payment
- $28,740
- Funds due
- $39,420
- Interest + MI left
- $342,266
- First ends
- Nov 2040
New loan
New conventional
$2,191/mo
+$1,333/mo- Down payment
- $28,740
- Funds due
- $36,841
- Interest + MI left
- $367,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,260 | $48,260 | $251,260 |
| Second mortgage | — | $203,000 | — |
| First P&I | $418.99 | $418.99 | $1,702.12 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $50.25 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $857.99 | $2,312.31 | $2,191.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,740
Closing costs & prepaids$10,680
Usable credit−$0
Total buyer cash needed$39,420
Earnest money paid−$0
Remaining funds due$39,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$241.30
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)$336.00
Initial HOA (3 months)$531.00
Prepaid interest, first (6 days)$45.14
Prepaid interest, second (6 days)$258.62
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 closing13 yr 11 moOf the original 15-year loan at 5.69%
Interest already paid$3,055Through Dec 2026
Assumption only · ends Nov 2040$21,712
Assumption + second · ends Nov 2040, second Jan 2057$342,266
New conventional · ends Jan 2057$367,333