Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,022/mo
Lowest payment- Down payment
- $245,361
- Funds due
- $255,129
- Interest + MI left
- $16,019
- First ends
- Dec 2040
Assumption
Assumption + second
$2,533/mo
+$1,512/mo- Down payment
- $34,361
- Funds due
- $45,468
- Interest + MI left
- $349,206
- First ends
- Dec 2040
New loan
New conventional
$2,538/mo
+$1,516/mo- Down payment
- $34,361
- Funds due
- $42,654
- Interest + MI left
- $455,879
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,639 | $89,639 | $300,639 |
| Second mortgage | — | $211,000 | — |
| First P&I | $625.20 | $625.20 | $2,081.56 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $60.13 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,021.86 | $2,533.49 | $2,538.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,361
Closing costs & prepaids$11,108
Usable credit−$0
Total buyer cash needed$45,468
Earnest money paid−$0
Remaining funds due$45,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$448.20
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)$557.00
Initial HOA (3 months)$183.00
Prepaid interest, first (2 days)$11.74
Prepaid interest, second (2 days)$89.60
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 1 moOf the original 20-year loan at 2.390%
Interest already paid$14,843Through Nov 2026
Assumption only · ends Dec 2040$16,019
Assumption + second · ends Dec 2040, second Dec 2056$349,206
New conventional · ends Dec 2056$455,879