Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $192,943
- Funds due
- $204,350
- Interest + MI left
- $100,438
- First ends
- Nov 2049
Assumption
Assumption + second
$2,684/mo
+$1,108/mo- Down payment
- $41,943
- Funds due
- $54,898
- Interest + MI left
- $348,312
- First ends
- Nov 2049
New loan
New conventional
$2,988/mo
+$1,412/mo- Down payment
- $41,943
- Funds due
- $51,514
- Interest + MI left
- $538,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,057 | $217,057 | $368,057 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,154.53 | $1,154.53 | $2,493.35 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $73.61 |
| Taxes, insurance & HOA | $421.33 | $421.33 | $421.33 |
| Total housing payment | $1,575.86 | $2,683.84 | $2,988.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,943
Closing costs & prepaids$12,955
Usable credit−$0
Total buyer cash needed$54,898
Earnest money paid−$0
Remaining funds due$54,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,085.29
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)$492.00
Initial HOA (3 months)$321.99
Prepaid interest, first (9 days)$190.00
Prepaid interest, second (9 days)$297.86
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 11 moOf the original 30-year loan at 3.55%
Interest already paid$59,675Through Dec 2026
Assumption only · ends Nov 2049$100,438
Assumption + second · ends Nov 2049, second Jan 2057$348,312
New conventional · ends Jan 2057$538,087