Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,398/mo
Lowest payment- Down payment
- $238,030
- Funds due
- $249,039
- Interest + MI left
- $69,101
- First ends
- Aug 2046
Assumption
Assumption + second
$2,843/mo
+$1,446/mo- Down payment
- $41,030
- Funds due
- $53,678
- Interest + MI left
- $392,486
- First ends
- Aug 2046
New loan
New conventional
$2,947/mo
+$1,549/mo- Down payment
- $41,030
- Funds due
- $50,478
- Interest + MI left
- $538,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,970 | $170,970 | $367,970 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,017.25 | $1,017.25 | $2,492.76 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $73.59 |
| Taxes, insurance & HOA | $380.58 | $380.58 | $380.58 |
| Total housing payment | $1,397.83 | $2,843.35 | $2,946.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,030
Closing costs & prepaids$12,647
Usable credit−$0
Total buyer cash needed$53,678
Earnest money paid−$0
Remaining funds due$53,678
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$854.85
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)$490.75
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$154.29
Prepaid interest, second (9 days)$388.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 3.66%
Interest already paid$75,014Through Dec 2026
Assumption only · ends Aug 2046$69,101
Assumption + second · ends Aug 2046, second Jan 2057$392,486
New conventional · ends Jan 2057$538,033