Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,650/mo
Lowest payment- Down payment
- $246,751
- Funds due
- $258,808
- Interest + MI left
- $70,793
- First ends
- May 2046
Assumption
Assumption + second
$3,110/mo
+$1,460/mo- Down payment
- $47,751
- Funds due
- $61,320
- Interest + MI left
- $397,462
- First ends
- May 2046
New loan
New conventional
$3,333/mo
+$1,683/mo- Down payment
- $47,751
- Funds due
- $57,811
- Interest + MI left
- $617,313
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,249 | $223,249 | $422,249 |
| Second mortgage | — | $199,000 | — |
| First P&I | $1,261.98 | $1,261.98 | $2,860.46 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | — | — | $84.45 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,649.98 | $3,110.17 | $3,332.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,751
Closing costs & prepaids$13,569
Usable credit−$0
Total buyer cash needed$61,320
Earnest money paid−$0
Remaining funds due$61,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,116.25
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)$564.00
Initial HOA (3 months)$99.99
Prepaid interest, first (6 days)$108.99
Prepaid interest, second (6 days)$261.70
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 closing19 yr 5 moOf the original 25-year loan at 2.97%
Interest already paid$40,802Through Dec 2026
Assumption only · ends May 2046$70,793
Assumption + second · ends May 2046, second Jan 2057$397,462
New conventional · ends Jan 2057$617,313