Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,337/mo
Lowest payment- Down payment
- $172,470
- Funds due
- $182,572
- Interest + MI left
- $85,257
- First ends
- Apr 2048
Assumption
Assumption + second
$2,342/mo
+$1,005/mo- Down payment
- $35,470
- Funds due
- $46,852
- Interest + MI left
- $310,150
- First ends
- Apr 2048
New loan
New conventional
$2,539/mo
+$1,202/mo- Down payment
- $35,470
- Funds due
- $43,605
- Interest + MI left
- $469,148
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,430 | $172,430 | $309,430 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,002.67 | $1,002.67 | $2,142.43 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $61.89 |
| Taxes, insurance & HOA | $334.42 | $334.42 | $334.42 |
| Total housing payment | $1,337.09 | $2,342.35 | $2,538.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,470
Closing costs & prepaids$11,381
Usable credit−$0
Total buyer cash needed$46,852
Earnest money paid−$0
Remaining funds due$46,852
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$862.15
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)$367.25
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$19.04
Prepaid interest, second (1 days)$30.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing21 yr 5 moOf the original 30-year loan at 4.030%
Interest already paid$66,443Through Nov 2026
Assumption only · ends Apr 2048$85,257
Assumption + second · ends Apr 2048, second Dec 2056$310,150
New conventional · ends Dec 2056$469,148