Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $259,510
- Funds due
- $270,755
- Interest + MI left
- $53,415
- First ends
- Nov 2045
Assumption
Assumption + second
$2,934/mo
+$1,540/mo- Down payment
- $44,510
- Funds due
- $57,279
- Interest + MI left
- $392,918
- First ends
- Nov 2045
New loan
New conventional
$3,122/mo
+$1,728/mo- Down payment
- $44,510
- Funds due
- $53,997
- Interest + MI left
- $578,272
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,490 | $180,490 | $395,490 |
| Second mortgage | — | $215,000 | — |
| First P&I | $1,030.42 | $1,030.42 | $2,679.19 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $79.10 |
| Taxes, insurance & HOA | $363.50 | $363.50 | $363.50 |
| Total housing payment | $1,393.92 | $2,934.21 | $3,121.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,510
Closing costs & prepaids$12,770
Usable credit−$0
Total buyer cash needed$57,279
Earnest money paid−$0
Remaining funds due$57,279
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$902.45
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)$528.00
Initial HOA (3 months)$112.50
Prepaid interest, first (6 days)$84.86
Prepaid interest, second (6 days)$273.90
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 11 moOf the original 24-year loan at 2.86%
Interest already paid$28,815Through Dec 2026
Assumption only · ends Nov 2045$53,415
Assumption + second · ends Nov 2045, second Jan 2057$392,918
New conventional · ends Jan 2057$578,272