Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,166/mo
Lowest payment- Down payment
- $186,687
- Funds due
- $196,656
- Interest + MI left
- $36,110
- First ends
- Dec 2046
Assumption
Assumption + second
$2,326/mo
+$1,159/mo- Down payment
- $28,687
- Funds due
- $40,114
- Interest + MI left
- $295,475
- First ends
- Dec 2046
New loan
New conventional
$2,380/mo
+$1,213/mo- Down payment
- $28,687
- Funds due
- $37,353
- Interest + MI left
- $367,411
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,313 | $93,313 | $251,313 |
| Second mortgage | — | $158,000 | — |
| First P&I | $539.26 | $539.26 | $1,702.48 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $50.26 |
| Taxes, insurance & HOA | $627.00 | $627.00 | $627.00 |
| Total housing payment | $1,166.26 | $2,325.61 | $2,379.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,687
Closing costs & prepaids$11,426
Usable credit−$0
Total buyer cash needed$40,114
Earnest money paid−$0
Remaining funds due$40,114
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%)$466.56
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)$1,095.00
Prepaid interest, first (6 days)$53.07
Prepaid interest, second (6 days)$207.78
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 closing20 yrOf the original 30-year loan at 3.46%
Interest already paid$37,334Through Dec 2026
Assumption only · ends Dec 2046$36,110
Assumption + second · ends Dec 2046, second Jan 2057$295,475
New conventional · ends Jan 2057$367,411