Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,064/mo
Lowest payment- Down payment
- $213,365
- Funds due
- $223,373
- Interest + MI left
- $28,482
- First ends
- Feb 2046
Assumption
Assumption + second
$2,385/mo
+$1,321/mo- Down payment
- $33,365
- Funds due
- $44,978
- Interest + MI left
- $323,961
- First ends
- Feb 2046
New loan
New conventional
$2,487/mo
+$1,422/mo- Down payment
- $33,365
- Funds due
- $42,140
- Interest + MI left
- $424,898
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,635 | $110,635 | $290,635 |
| Second mortgage | — | $180,000 | — |
| First P&I | $604.86 | $604.86 | $1,968.86 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $58.13 |
| Taxes, insurance & HOA | $459.58 | $459.58 | $459.58 |
| Total housing payment | $1,064.44 | $2,385.22 | $2,486.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,365
Closing costs & prepaids$11,613
Usable credit−$0
Total buyer cash needed$44,978
Earnest money paid−$0
Remaining funds due$44,978
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$553.18
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)$388.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$67.65
Prepaid interest, second (9 days)$355.07
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 closing19 yr 2 moOf the original 25-year loan at 2.48%
Interest already paid$17,845Through Dec 2026
Assumption only · ends Feb 2046$28,482
Assumption + second · ends Feb 2046, second Jan 2057$323,961
New conventional · ends Jan 2057$424,898