Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,291/mo
Lowest payment- Down payment
- $222,755
- Funds due
- $236,098
- Interest + MI left
- $74,757
- First ends
- Jul 2045
Assumption
Assumption + second
$3,612/mo
+$1,321/mo- Down payment
- $42,755
- Funds due
- $57,704
- Interest + MI left
- $370,237
- First ends
- Jul 2045
New loan
New conventional
$3,700/mo
+$1,409/mo- Down payment
- $42,755
- Funds due
- $54,385
- Interest + MI left
- $550,057
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,245 | $196,245 | $376,245 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,215.26 | $1,215.26 | $2,548.81 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $75.25 |
| Taxes, insurance & HOA | $1,075.58 | $1,075.58 | $1,075.58 |
| Total housing payment | $2,290.84 | $3,611.62 | $3,699.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,755
Closing costs & prepaids$14,949
Usable credit−$0
Total buyer cash needed$57,704
Earnest money paid−$0
Remaining funds due$57,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$981.23
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)$502.75
Initial HOA (3 months)$2,274.00
Prepaid interest, first (9 days)$177.59
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 closing18 yr 7 moOf the original 30-year loan at 3.67%
Interest already paid$97,735Through Dec 2026
Assumption only · ends Jul 2045$74,757
Assumption + second · ends Jul 2045, second Jan 2057$370,237
New conventional · ends Jan 2057$550,057