Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,339/mo
Lowest payment- Down payment
- $199,704
- Funds due
- $209,541
- Interest + MI left
- $41,219
- First ends
- Jan 2041
Assumption
Assumption + second
$2,565/mo
+$1,225/mo- Down payment
- $32,704
- Funds due
- $44,120
- Interest + MI left
- $315,358
- First ends
- Jan 2041
New loan
New conventional
$2,393/mo
+$1,053/mo- Down payment
- $32,704
- Funds due
- $41,181
- Interest + MI left
- $427,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,296 | $125,296 | $292,296 |
| Second mortgage | — | $167,000 | — |
| First P&I | $985.30 | $985.30 | $1,980.11 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $58.46 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,339.30 | $2,564.69 | $2,392.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,704
Closing costs & prepaids$11,417
Usable credit−$0
Total buyer cash needed$44,120
Earnest money paid−$0
Remaining funds due$44,120
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$626.48
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)$390.00
Initial HOA (3 months)$222.00
Prepaid interest, first (9 days)$130.69
Prepaid interest, second (9 days)$329.42
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 closing14 yr 1 moOf the original 30-year loan at 4.23%
Interest already paid$112,722Through Dec 2026
Assumption only · ends Jan 2041$41,219
Assumption + second · ends Jan 2041, second Jan 2057$315,358
New conventional · ends Jan 2057$427,385