Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $209,596
- Funds due
- $220,497
- Interest + MI left
- $56,698
- First ends
- Apr 2046
Assumption
Assumption + second
$2,741/mo
+$1,277/mo- Down payment
- $35,596
- Funds due
- $47,975
- Interest + MI left
- $342,328
- First ends
- Apr 2046
New loan
New conventional
$2,808/mo
+$1,343/mo- Down payment
- $35,596
- Funds due
- $44,931
- Interest + MI left
- $459,648
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,404 | $140,404 | $314,404 |
| Second mortgage | — | $174,000 | — |
| First P&I | $849.58 | $849.58 | $2,129.88 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $62.88 |
| Taxes, insurance & HOA | $615.00 | $615.00 | $615.00 |
| Total housing payment | $1,464.58 | $2,741.33 | $2,807.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,596
Closing costs & prepaids$12,380
Usable credit−$0
Total buyer cash needed$47,975
Earnest money paid−$0
Remaining funds due$47,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$702.02
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)$420.00
Initial HOA (3 months)$975.00
Prepaid interest, first (6 days)$85.86
Prepaid interest, second (6 days)$228.82
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 4 moOf the original 30-year loan at 3.72%
Interest already paid$65,026Through Dec 2026
Assumption only · ends Apr 2046$56,698
Assumption + second · ends Apr 2046, second Jan 2057$342,328
New conventional · ends Jan 2057$459,648