Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,216/mo
Lowest payment- Down payment
- $234,446
- Funds due
- $245,305
- Interest + MI left
- $79,784
- First ends
- Jun 2051
Assumption
Assumption + second
$2,624/mo
+$1,409/mo- Down payment
- $42,446
- Funds due
- $54,597
- Interest + MI left
- $394,962
- First ends
- Jun 2051
New loan
New conventional
$3,005/mo
+$1,790/mo- Down payment
- $42,446
- Funds due
- $51,222
- Interest + MI left
- $572,359
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,454 | $185,454 | $377,454 |
| Second mortgage | — | $192,000 | — |
| First P&I | $899.11 | $899.11 | $2,613.42 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $75.49 |
| Taxes, insurance & HOA | $316.50 | $316.50 | $316.50 |
| Total housing payment | $1,215.61 | $2,624.44 | $3,005.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,446
Closing costs & prepaids$12,152
Usable credit−$0
Total buyer cash needed$54,597
Earnest money paid−$0
Remaining funds due$54,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$927.27
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)$436.50
Initial HOA (3 months)$63.00
Prepaid interest, first (1 days)$15.75
Prepaid interest, second (1 days)$42.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing24 yr 7 moOf the original 30-year loan at 3.100%
Interest already paid$33,340Through Nov 2026
Assumption only · ends Jun 2051$79,784
Assumption + second · ends Jun 2051, second Dec 2056$394,962
New conventional · ends Dec 2056$572,359