Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,362/mo
Lowest payment- Down payment
- $195,508
- Funds due
- $205,885
- Interest + MI left
- $80,450
- First ends
- Aug 2047
Assumption
Assumption + second
$2,529/mo
+$1,167/mo- Down payment
- $36,508
- Funds due
- $48,205
- Interest + MI left
- $341,457
- First ends
- Aug 2047
New loan
New conventional
$2,698/mo
+$1,336/mo- Down payment
- $36,508
- Funds due
- $44,975
- Interest + MI left
- $498,180
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,492 | $169,492 | $328,492 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,003.78 | $1,003.78 | $2,274.41 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $65.70 |
| Taxes, insurance & HOA | $358.09 | $358.09 | $358.09 |
| Total housing payment | $1,361.87 | $2,528.56 | $2,698.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,508
Closing costs & prepaids$11,697
Usable credit−$0
Total buyer cash needed$48,205
Earnest money paid−$0
Remaining funds due$48,205
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$847.46
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)$424.25
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$37.24
Prepaid interest, second (2 days)$69.70
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 closing20 yr 9 moOf the original 30-year loan at 4.010%
Interest already paid$70,912Through Nov 2026
Assumption only · ends Aug 2047$80,450
Assumption + second · ends Aug 2047, second Dec 2056$341,457
New conventional · ends Dec 2056$498,180