Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $278,447
- Funds due
- $290,580
- Interest + MI left
- $71,664
- First ends
- Jan 2045
Assumption
Assumption + second
$3,314/mo
+$1,655/mo- Down payment
- $47,447
- Funds due
- $61,271
- Interest + MI left
- $436,432
- First ends
- Jan 2045
New loan
New conventional
$3,381/mo
+$1,722/mo- Down payment
- $47,447
- Funds due
- $57,944
- Interest + MI left
- $610,448
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,553 | $186,553 | $417,553 |
| Second mortgage | — | $231,000 | — |
| First P&I | $1,189.94 | $1,189.94 | $2,828.65 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $83.51 |
| Taxes, insurance & HOA | $469.00 | $469.00 | $469.00 |
| Total housing payment | $1,658.94 | $3,313.85 | $3,381.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,447
Closing costs & prepaids$13,824
Usable credit−$0
Total buyer cash needed$61,271
Earnest money paid−$0
Remaining funds due$61,271
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$932.76
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Initial HOA (3 months)$348.99
Prepaid interest, first (9 days)$174.80
Prepaid interest, second (9 days)$441.43
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 closing18 yr 1 moOf the original 30-year loan at 3.8%
Interest already paid$101,339Through Dec 2026
Assumption only · ends Jan 2045$71,664
Assumption + second · ends Jan 2045, second Jan 2057$436,432
New conventional · ends Jan 2057$610,448