Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,366/mo
Lowest payment- Down payment
- $195,946
- Funds due
- $206,464
- Interest + MI left
- $79,884
- First ends
- Aug 2047
Assumption
Assumption + second
$2,533/mo
+$1,167/mo- Down payment
- $36,946
- Funds due
- $49,028
- Interest + MI left
- $340,891
- First ends
- Aug 2047
New loan
New conventional
$2,651/mo
+$1,284/mo- Down payment
- $36,946
- Funds due
- $45,870
- Interest + MI left
- $479,669
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,054 | $169,054 | $328,054 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,003.78 | $1,003.78 | $2,222.35 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $65.61 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,366.45 | $2,533.14 | $2,650.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,946
Closing costs & prepaids$12,082
Usable credit−$0
Total buyer cash needed$49,028
Earnest money paid−$0
Remaining funds due$49,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$845.27
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)$438.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$167.16
Prepaid interest, second (9 days)$313.64
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 closing20 yr 8 moOf the original 30-year loan at 4.01%
Interest already paid$71,478Through Dec 2026
Assumption only · ends Aug 2047$79,884
Assumption + second · ends Aug 2047, second Jan 2057$340,891
New conventional · ends Jan 2057$479,669