Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,701/mo
Lowest payment- Down payment
- $193,784
- Funds due
- $205,699
- Interest + MI left
- $74,225
- First ends
- Jan 2049
Assumption
Assumption + second
$2,817/mo
+$1,115/mo- Down payment
- $41,784
- Funds due
- $55,248
- Interest + MI left
- $323,741
- First ends
- Jan 2049
New loan
New conventional
$3,173/mo
+$1,472/mo- Down payment
- $41,784
- Funds due
- $51,909
- Interest + MI left
- $538,319
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,216 | $216,216 | $368,216 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,096.00 | $1,096.00 | $2,494.42 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $73.64 |
| Taxes, insurance & HOA | $605.33 | $605.33 | $605.33 |
| Total housing payment | $1,701.33 | $2,816.66 | $3,173.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,784
Closing costs & prepaids$13,465
Usable credit−$0
Total buyer cash needed$55,248
Earnest money paid−$0
Remaining funds due$55,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,081.08
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)$873.99
Prepaid interest, first (9 days)$149.81
Prepaid interest, second (9 days)$299.84
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 closing22 yr 1 moOf the original 28-year loan at 2.81%
Interest already paid$39,285Through Dec 2026
Assumption only · ends Jan 2049$74,225
Assumption + second · ends Jan 2049, second Jan 2057$323,741
New conventional · ends Jan 2057$538,319