Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,288/mo
Lowest payment- Down payment
- $168,428
- Funds due
- $178,439
- Interest + MI left
- $58,557
- First ends
- Jun 2046
Assumption
Assumption + second
$2,293/mo
+$1,005/mo- Down payment
- $31,428
- Funds due
- $42,960
- Interest + MI left
- $283,450
- First ends
- Jun 2046
New loan
New conventional
$2,382/mo
+$1,094/mo- Down payment
- $31,428
- Funds due
- $39,977
- Interest + MI left
- $410,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,072 | $144,072 | $281,072 |
| Second mortgage | — | $137,000 | — |
| First P&I | $865.93 | $865.93 | $1,904.08 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $56.21 |
| Taxes, insurance & HOA | $422.00 | $422.00 | $422.00 |
| Total housing payment | $1,287.93 | $2,293.19 | $2,382.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,428
Closing costs & prepaids$11,531
Usable credit−$0
Total buyer cash needed$42,960
Earnest money paid−$0
Remaining funds due$42,960
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,125.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$720.36
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)$375.00
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$131.80
Prepaid interest, second (9 days)$270.25
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 closing19 yr 6 moOf the original 30-year loan at 3.71%
Interest already paid$65,280Through Dec 2026
Assumption only · ends Jun 2046$58,557
Assumption + second · ends Jun 2046, second Jan 2057$283,450
New conventional · ends Jan 2057$410,974