Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $230,567
- Funds due
- $241,536
- Interest + MI left
- $77,970
- First ends
- Oct 2045
Assumption
Assumption + second
$2,864/mo
+$1,387/mo- Down payment
- $41,567
- Funds due
- $54,159
- Interest + MI left
- $388,223
- First ends
- Oct 2045
New loan
New conventional
$2,920/mo
+$1,443/mo- Down payment
- $41,567
- Funds due
- $50,885
- Interest + MI left
- $546,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,433 | $184,433 | $373,433 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,161.07 | $1,161.07 | $2,529.77 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $74.69 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,477.07 | $2,863.89 | $2,920.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,567
Closing costs & prepaids$12,592
Usable credit−$0
Total buyer cash needed$54,159
Earnest money paid−$0
Remaining funds due$54,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$922.16
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)$498.00
Prepaid interest, first (9 days)$181.00
Prepaid interest, second (9 days)$372.82
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 closing18 yr 10 moOf the original 30-year loan at 3.98%
Interest already paid$96,228Through Dec 2026
Assumption only · ends Oct 2045$77,970
Assumption + second · ends Oct 2045, second Jan 2057$388,223
New conventional · ends Jan 2057$546,021