Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,474/mo
Lowest payment- Down payment
- $256,253
- Funds due
- $267,712
- Interest + MI left
- $59,699
- First ends
- Jan 2046
Assumption
Assumption + second
$2,993/mo
+$1,519/mo- Down payment
- $44,253
- Funds due
- $57,368
- Interest + MI left
- $394,465
- First ends
- Jan 2046
New loan
New conventional
$3,171/mo
+$1,697/mo- Down payment
- $44,253
- Funds due
- $54,119
- Interest + MI left
- $578,648
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,747 | $183,747 | $395,747 |
| Second mortgage | — | $212,000 | — |
| First P&I | $1,063.08 | $1,063.08 | $2,680.93 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $79.15 |
| Taxes, insurance & HOA | $411.00 | $411.00 | $411.00 |
| Total housing payment | $1,474.08 | $2,992.88 | $3,171.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,253
Closing costs & prepaids$13,115
Usable credit−$0
Total buyer cash needed$57,368
Earnest money paid−$0
Remaining funds due$57,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$918.74
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)$528.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$140.00
Prepaid interest, second (9 days)$405.12
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 1 moOf the original 24-year loan at 3.09%
Interest already paid$30,469Through Dec 2026
Assumption only · ends Jan 2046$59,699
Assumption + second · ends Jan 2046, second Jan 2057$394,465
New conventional · ends Jan 2057$578,648