Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,355/mo
Lowest payment- Down payment
- $194,156
- Funds due
- $204,520
- Interest + MI left
- $99,441
- First ends
- Apr 2049
Assumption
Assumption + second
$2,507/mo
+$1,152/mo- Down payment
- $37,156
- Funds due
- $48,838
- Interest + MI left
- $357,165
- First ends
- Apr 2049
New loan
New conventional
$2,685/mo
+$1,331/mo- Down payment
- $37,156
- Funds due
- $45,592
- Interest + MI left
- $497,132
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,844 | $170,844 | $327,844 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,004.78 | $1,004.78 | $2,269.93 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $65.57 |
| Taxes, insurance & HOA | $349.92 | $349.92 | $349.92 |
| Total housing payment | $1,354.69 | $2,506.70 | $2,685.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,156
Closing costs & prepaids$11,682
Usable credit−$0
Total buyer cash needed$48,838
Earnest money paid−$0
Remaining funds due$48,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$854.22
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)$413.75
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$41.66
Prepaid interest, second (2 days)$68.82
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 closing22 yr 5 moOf the original 30-year loan at 4.450%
Interest already paid$62,807Through Nov 2026
Assumption only · ends Apr 2049$99,441
Assumption + second · ends Apr 2049, second Dec 2056$357,165
New conventional · ends Dec 2056$497,132