Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $192,262
- Funds due
- $204,157
- Interest + MI left
- $84,840
- First ends
- Mar 2042
Assumption
Assumption + second
$3,314/mo
+$1,079/mo- Down payment
- $45,262
- Funds due
- $58,697
- Interest + MI left
- $326,149
- First ends
- Mar 2042
New loan
New conventional
$3,186/mo
+$951/mo- Down payment
- $45,262
- Funds due
- $55,091
- Interest + MI left
- $591,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,738 | $257,738 | $404,738 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,872.01 | $1,872.01 | $2,741.84 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $80.95 |
| Taxes, insurance & HOA | $363.33 | $363.33 | $363.33 |
| Total housing payment | $2,235.34 | $3,313.98 | $3,186.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,262
Closing costs & prepaids$13,435
Usable credit−$0
Total buyer cash needed$58,697
Earnest money paid−$0
Remaining funds due$58,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.69
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)$540.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$248.49
Prepaid interest, second (9 days)$289.97
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 closing15 yr 3 moOf the original 30-year loan at 3.91%
Interest already paid$192,674Through Dec 2026
Assumption only · ends Mar 2042$84,840
Assumption + second · ends Mar 2042, second Jan 2057$326,149
New conventional · ends Jan 2057$591,794