Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $236,416
- Funds due
- $247,138
- Interest + MI left
- $55,875
- First ends
- Jun 2042
Assumption
Assumption + second
$2,961/mo
+$1,438/mo- Down payment
- $40,416
- Funds due
- $52,646
- Interest + MI left
- $377,620
- First ends
- Jun 2042
New loan
New conventional
$2,851/mo
+$1,328/mo- Down payment
- $40,416
- Funds due
- $49,440
- Interest + MI left
- $525,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,584 | $163,584 | $359,584 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,179.89 | $1,179.89 | $2,435.95 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $71.92 |
| Taxes, insurance & HOA | $343.00 | $343.00 | $343.00 |
| Total housing payment | $1,522.89 | $2,961.07 | $2,850.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,416
Closing costs & prepaids$12,230
Usable credit−$0
Total buyer cash needed$52,646
Earnest money paid−$0
Remaining funds due$52,646
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$817.92
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)$480.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$107.02
Prepaid interest, second (6 days)$257.75
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 closing15 yr 6 moOf the original 30-year loan at 3.98%
Interest already paid$121,146Through Dec 2026
Assumption only · ends Jun 2042$55,875
Assumption + second · ends Jun 2042, second Jan 2057$377,620
New conventional · ends Jan 2057$525,771