Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $221,798
- Funds due
- $233,523
- Interest + MI left
- $86,942
- First ends
- Oct 2047
Assumption
Assumption + second
$3,000/mo
+$1,321/mo- Down payment
- $41,798
- Funds due
- $55,128
- Interest + MI left
- $382,421
- First ends
- Oct 2047
New loan
New conventional
$3,146/mo
+$1,467/mo- Down payment
- $41,798
- Funds due
- $51,843
- Interest + MI left
- $538,152
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,102 | $188,102 | $368,102 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,100.18 | $1,100.18 | $2,493.65 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $73.62 |
| Taxes, insurance & HOA | $579.00 | $579.00 | $579.00 |
| Total housing payment | $1,679.18 | $2,999.95 | $3,146.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,798
Closing costs & prepaids$13,330
Usable credit−$0
Total buyer cash needed$55,128
Earnest money paid−$0
Remaining funds due$55,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$940.51
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)$492.00
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$180.89
Prepaid interest, second (9 days)$355.07
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 10 moOf the original 30-year loan at 3.9%
Interest already paid$75,869Through Dec 2026
Assumption only · ends Oct 2047$86,942
Assumption + second · ends Oct 2047, second Jan 2057$382,421
New conventional · ends Jan 2057$538,152