Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,172/mo
Lowest payment- Down payment
- $240,911
- Funds due
- $251,450
- Interest + MI left
- $44,195
- First ends
- Jul 2046
Assumption
Assumption + second
$2,627/mo
+$1,454/mo- Down payment
- $37,911
- Funds due
- $50,088
- Interest + MI left
- $364,749
- First ends
- Jul 2046
New loan
New conventional
$2,775/mo
+$1,603/mo- Down payment
- $37,911
- Funds due
- $47,091
- Interest + MI left
- $498,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,089 | $138,089 | $341,089 |
| Second mortgage | — | $203,000 | — |
| First P&I | $775.68 | $775.68 | $2,310.66 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $68.22 |
| Taxes, insurance & HOA | $396.58 | $396.58 | $396.58 |
| Total housing payment | $1,172.26 | $2,626.58 | $2,775.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,911
Closing costs & prepaids$12,177
Usable credit−$0
Total buyer cash needed$50,088
Earnest money paid−$0
Remaining funds due$50,088
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$690.45
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)$454.75
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$101.13
Prepaid interest, second (9 days)$387.92
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 7 moOf the original 25-year loan at 2.97%
Interest already paid$24,397Through Dec 2026
Assumption only · ends Jul 2046$44,195
Assumption + second · ends Jul 2046, second Jan 2057$364,749
New conventional · ends Jan 2057$498,729