Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,252/mo
Lowest payment- Down payment
- $249,481
- Funds due
- $260,178
- Interest + MI left
- $58,886
- First ends
- Dec 2046
Assumption
Assumption + second
$2,749/mo
+$1,497/mo- Down payment
- $40,481
- Funds due
- $52,517
- Interest + MI left
- $388,915
- First ends
- Dec 2046
New loan
New conventional
$2,944/mo
+$1,692/mo- Down payment
- $40,481
- Funds due
- $49,345
- Interest + MI left
- $545,163
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,519 | $150,519 | $359,519 |
| Second mortgage | — | $209,000 | — |
| First P&I | $868.90 | $868.90 | $2,489.24 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $71.90 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $1,251.57 | $2,748.87 | $2,943.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,481
Closing costs & prepaids$12,036
Usable credit−$0
Total buyer cash needed$52,517
Earnest money paid−$0
Remaining funds due$52,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$752.60
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)$458.00
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$28.70
Prepaid interest, second (2 days)$88.75
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 1 moOf the original 30-year loan at 3.480%
Interest already paid$59,937Through Nov 2026
Assumption only · ends Dec 2046$58,886
Assumption + second · ends Dec 2046, second Dec 2056$388,915
New conventional · ends Dec 2056$545,163