Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,658/mo
Lowest payment- Down payment
- $161,265
- Funds due
- $172,286
- Interest + MI left
- $110,144
- First ends
- Apr 2048
Assumption
Assumption + second
$2,553/mo
+$895/mo- Down payment
- $39,265
- Funds due
- $51,777
- Interest + MI left
- $310,413
- First ends
- Apr 2048
New loan
New conventional
$2,765/mo
+$1,107/mo- Down payment
- $39,265
- Funds due
- $48,371
- Interest + MI left
- $505,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,735 | $223,735 | $345,735 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,304.21 | $1,304.21 | $2,342.13 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $69.15 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,658.21 | $2,553.41 | $2,765.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,265
Closing costs & prepaids$12,512
Usable credit−$0
Total buyer cash needed$51,777
Earnest money paid−$0
Remaining funds due$51,777
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,118.67
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)$462.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$222.33
Prepaid interest, second (9 days)$240.66
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 closing21 yr 4 moOf the original 30-year loan at 4.03%
Interest already paid$87,178Through Dec 2026
Assumption only · ends Apr 2048$110,144
Assumption + second · ends Apr 2048, second Jan 2057$310,413
New conventional · ends Jan 2057$505,453