Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,157/mo
Lowest payment- Down payment
- $194,319
- Funds due
- $203,979
- Interest + MI left
- $40,438
- First ends
- Jun 2043
Assumption
Assumption + second
$2,346/mo
+$1,189/mo- Down payment
- $32,319
- Funds due
- $43,548
- Interest + MI left
- $306,370
- First ends
- Jun 2043
New loan
New conventional
$2,324/mo
+$1,167/mo- Down payment
- $32,319
- Funds due
- $40,634
- Interest + MI left
- $420,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,681 | $125,681 | $287,681 |
| Second mortgage | — | $162,000 | — |
| First P&I | $838.99 | $838.99 | $1,948.85 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $57.54 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,156.99 | $2,345.69 | $2,324.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,319
Closing costs & prepaids$11,230
Usable credit−$0
Total buyer cash needed$43,548
Earnest money paid−$0
Remaining funds due$43,548
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$628.41
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)$384.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$109.70
Prepaid interest, second (9 days)$319.56
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 closing16 yr 6 moOf the original 30-year loan at 3.54%
Interest already paid$75,685Through Dec 2026
Assumption only · ends Jun 2043$40,438
Assumption + second · ends Jun 2043, second Jan 2057$306,370
New conventional · ends Jan 2057$420,637