Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,010/mo
Lowest payment- Down payment
- $227,989
- Funds due
- $237,924
- Interest + MI left
- $28,711
- First ends
- Feb 2046
Assumption
Assumption + second
$2,433/mo
+$1,424/mo- Down payment
- $33,989
- Funds due
- $45,217
- Interest + MI left
- $347,172
- First ends
- Feb 2046
New loan
New conventional
$2,578/mo
+$1,568/mo- Down payment
- $33,989
- Funds due
- $42,290
- Interest + MI left
- $462,570
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,011 | $111,011 | $305,011 |
| Second mortgage | — | $194,000 | — |
| First P&I | $604.86 | $604.86 | $2,111.83 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | — | — | $61.00 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $1,009.52 | $2,433.03 | $2,577.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,989
Closing costs & prepaids$11,227
Usable credit−$0
Total buyer cash needed$45,217
Earnest money paid−$0
Remaining funds due$45,217
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$555.05
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)$224.00
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$7.54
Prepaid interest, second (1 days)$42.52
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 closing19 yr 3 moOf the original 25-year loan at 2.480%
Interest already paid$17,616Through Nov 2026
Assumption only · ends Feb 2046$28,711
Assumption + second · ends Feb 2046, second Dec 2056$347,172
New conventional · ends Dec 2056$462,570