Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,363/mo
Lowest payment- Down payment
- $194,527
- Funds due
- $205,059
- Interest + MI left
- $98,808
- First ends
- Apr 2049
Assumption
Assumption + second
$2,522/mo
+$1,159/mo- Down payment
- $36,527
- Funds due
- $48,620
- Interest + MI left
- $358,173
- First ends
- Apr 2049
New loan
New conventional
$2,649/mo
+$1,286/mo- Down payment
- $36,527
- Funds due
- $45,442
- Interest + MI left
- $480,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,473 | $170,473 | $328,473 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,004.78 | $1,004.78 | $2,225.19 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $65.69 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,362.78 | $2,522.13 | $2,648.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,527
Closing costs & prepaids$12,093
Usable credit−$0
Total buyer cash needed$48,620
Earnest money paid−$0
Remaining funds due$48,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$852.36
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)$438.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$187.05
Prepaid interest, second (9 days)$311.67
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 4 moOf the original 30-year loan at 4.45%
Interest already paid$63,440Through Dec 2026
Assumption only · ends Apr 2049$98,808
Assumption + second · ends Apr 2049, second Jan 2057$358,173
New conventional · ends Jan 2057$480,282