Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,064/mo
Lowest payment- Down payment
- $187,982
- Funds due
- $197,435
- Interest + MI left
- $21,299
- First ends
- Jan 2042
Assumption
Assumption + second
$2,253/mo
+$1,189/mo- Down payment
- $25,982
- Funds due
- $37,005
- Interest + MI left
- $287,231
- First ends
- Jan 2042
New loan
New conventional
$2,166/mo
+$1,102/mo- Down payment
- $25,982
- Funds due
- $34,406
- Interest + MI left
- $327,462
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,018 | $62,018 | $224,018 |
| Second mortgage | — | $162,000 | — |
| First P&I | $460.32 | $460.32 | $1,517.58 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $44.80 |
| Taxes, insurance & HOA | $604.00 | $604.00 | $604.00 |
| Total housing payment | $1,064.32 | $2,253.01 | $2,166.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,982
Closing costs & prepaids$11,022
Usable credit−$0
Total buyer cash needed$37,005
Earnest money paid−$0
Remaining funds due$37,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$310.09
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)$300.00
Initial HOA (3 months)$1,062.00
Prepaid interest, first (9 days)$62.85
Prepaid interest, second (9 days)$319.56
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 closing15 yr 1 moOf the original 30-year loan at 4.11%
Interest already paid$49,264Through Dec 2026
Assumption only · ends Jan 2042$21,299
Assumption + second · ends Jan 2042, second Jan 2057$287,231
New conventional · ends Jan 2057$327,462