Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,311/mo
Lowest payment- Down payment
- $199,162
- Funds due
- $208,815
- Interest + MI left
- $41,663
- First ends
- Jan 2041
Assumption
Assumption + second
$2,529/mo
+$1,218/mo- Down payment
- $33,162
- Funds due
- $44,138
- Interest + MI left
- $314,160
- First ends
- Jan 2041
New loan
New conventional
$2,405/mo
+$1,094/mo- Down payment
- $33,162
- Funds due
- $41,150
- Interest + MI left
- $442,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,838 | $125,838 | $291,838 |
| Second mortgage | — | $166,000 | — |
| First P&I | $985.30 | $985.30 | $2,020.63 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $58.37 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $1,310.88 | $2,528.93 | $2,404.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,162
Closing costs & prepaids$10,976
Usable credit−$0
Total buyer cash needed$44,138
Earnest money paid−$0
Remaining funds due$44,138
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$629.19
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)$304.75
Initial HOA (3 months)$222.00
Prepaid interest, first (2 days)$29.17
Prepaid interest, second (2 days)$72.77
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 closing14 yr 2 moOf the original 30-year loan at 4.230%
Interest already paid$112,279Through Nov 2026
Assumption only · ends Jan 2041$41,663
Assumption + second · ends Jan 2041, second Dec 2056$314,160
New conventional · ends Dec 2056$442,534