Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,365/mo
Lowest payment- Down payment
- $223,900
- Funds due
- $234,684
- Interest + MI left
- $62,126
- First ends
- Jun 2046
Assumption
Assumption + second
$2,722/mo
+$1,357/mo- Down payment
- $38,900
- Funds due
- $51,299
- Interest + MI left
- $365,814
- First ends
- Jun 2046
New loan
New conventional
$2,811/mo
+$1,446/mo- Down payment
- $38,900
- Funds due
- $48,186
- Interest + MI left
- $498,676
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,100 | $156,100 | $341,100 |
| Second mortgage | — | $185,000 | — |
| First P&I | $932.59 | $932.59 | $2,310.73 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $68.22 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $1,364.59 | $2,722.06 | $2,810.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,900
Closing costs & prepaids$12,400
Usable credit−$0
Total buyer cash needed$51,299
Earnest money paid−$0
Remaining funds due$51,299
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$780.50
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)$456.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$140.11
Prepaid interest, second (9 days)$364.93
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 6 moOf the original 30-year loan at 3.64%
Interest already paid$69,492Through Dec 2026
Assumption only · ends Jun 2046$62,126
Assumption + second · ends Jun 2046, second Jan 2057$365,814
New conventional · ends Jan 2057$498,676