Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,247/mo
Lowest payment- Down payment
- $225,582
- Funds due
- $235,501
- Interest + MI left
- $40,808
- First ends
- Dec 2041
Assumption
Assumption + second
$2,641/mo
+$1,394/mo- Down payment
- $35,582
- Funds due
- $46,834
- Interest + MI left
- $352,703
- First ends
- Dec 2041
New loan
New conventional
$2,574/mo
+$1,327/mo- Down payment
- $35,582
- Funds due
- $43,830
- Interest + MI left
- $476,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,418 | $124,418 | $314,418 |
| Second mortgage | — | $190,000 | — |
| First P&I | $912.85 | $912.85 | $2,176.97 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $62.88 |
| Taxes, insurance & HOA | $333.83 | $333.83 | $333.83 |
| Total housing payment | $1,246.69 | $2,640.84 | $2,573.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,582
Closing costs & prepaids$11,252
Usable credit−$0
Total buyer cash needed$46,834
Earnest money paid−$0
Remaining funds due$46,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$622.09
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)$551.50
Prepaid interest, first (2 days)$26.86
Prepaid interest, second (2 days)$83.29
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 closing15 yr 1 moOf the original 30-year loan at 3.940%
Interest already paid$95,218Through Nov 2026
Assumption only · ends Dec 2041$40,808
Assumption + second · ends Dec 2041, second Dec 2056$352,703
New conventional · ends Dec 2056$476,773