Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $187,735
- Funds due
- $196,962
- Interest + MI left
- $21,513
- First ends
- Jan 2042
Assumption
Assumption + second
$2,193/mo
+$1,189/mo- Down payment
- $25,735
- Funds due
- $36,283
- Interest + MI left
- $287,444
- First ends
- Jan 2042
New loan
New conventional
$2,142/mo
+$1,137/mo- Down payment
- $25,735
- Funds due
- $33,677
- Interest + MI left
- $340,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,265 | $62,265 | $224,265 |
| Second mortgage | — | $162,000 | — |
| First P&I | $460.32 | $460.32 | $1,552.77 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $44.85 |
| Taxes, insurance & HOA | $544.33 | $544.33 | $544.33 |
| Total housing payment | $1,004.65 | $2,193.35 | $2,141.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,735
Closing costs & prepaids$10,547
Usable credit−$0
Total buyer cash needed$36,283
Earnest money paid−$0
Remaining funds due$36,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$311.32
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)$121.00
Initial HOA (3 months)$1,062.00
Prepaid interest, first (2 days)$14.02
Prepaid interest, second (2 days)$71.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 4.110%
Interest already paid$49,051Through Nov 2026
Assumption only · ends Jan 2042$21,513
Assumption + second · ends Jan 2042, second Dec 2056$287,444
New conventional · ends Dec 2056$340,023