Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $220,083
- Funds due
- $228,802
- Interest + MI left
- $2,553
- First ends
- Jan 2030
Assumption
Assumption + second
$3,155/mo
+$1,416/mo- Down payment
- $27,083
- Funds due
- $37,433
- Interest + MI left
- $319,373
- First ends
- Jan 2030
New loan
New conventional
$2,015/mo
+$276/mo- Down payment
- $27,083
- Funds due
- $34,880
- Interest + MI left
- $355,185
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,917 | $49,917 | $242,917 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,418.12 | $1,418.12 | $1,645.60 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $48.58 |
| Taxes, insurance & HOA | $321.00 | $321.00 | $321.00 |
| Total housing payment | $1,739.12 | $3,155.29 | $2,015.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,083
Closing costs & prepaids$10,350
Usable credit−$0
Total buyer cash needed$37,433
Earnest money paid−$0
Remaining funds due$37,433
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$249.59
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)$324.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$39.14
Prepaid interest, second (9 days)$380.71
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 closing3 yr 1 moOf the original 15-year loan at 3.18%
Interest already paid$49,909Through Dec 2026
Assumption only · ends Jan 2030$2,553
Assumption + second · ends Jan 2030, second Jan 2057$319,373
New conventional · ends Jan 2057$355,185