Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,665/mo
Lowest payment- Down payment
- $212,428
- Funds due
- $223,917
- Interest + MI left
- $113,962
- First ends
- Sep 2048
Assumption
Assumption + second
$2,920/mo
+$1,255/mo- Down payment
- $41,428
- Funds due
- $54,504
- Interest + MI left
- $394,668
- First ends
- Sep 2048
New loan
New conventional
$3,039/mo
+$1,374/mo- Down payment
- $41,428
- Funds due
- $51,156
- Interest + MI left
- $537,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,572 | $196,572 | $367,572 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,189.79 | $1,189.79 | $2,490.06 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $73.51 |
| Taxes, insurance & HOA | $475.58 | $475.58 | $475.58 |
| Total housing payment | $1,665.37 | $2,920.11 | $3,039.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,428
Closing costs & prepaids$13,076
Usable credit−$0
Total buyer cash needed$54,504
Earnest money paid−$0
Remaining funds due$54,504
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$982.86
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)$490.75
Initial HOA (3 months)$486.00
Prepaid interest, first (9 days)$221.51
Prepaid interest, second (9 days)$337.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yr 9 moOf the original 30-year loan at 4.57%
Interest already paid$81,459Through Dec 2026
Assumption only · ends Sep 2048$113,962
Assumption + second · ends Sep 2048, second Jan 2057$394,668
New conventional · ends Jan 2057$537,451