Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $179,197
- Funds due
- $189,298
- Interest + MI left
- $96,849
- First ends
- Mar 2049
Assumption
Assumption + second
$2,344/mo
+$1,064/mo- Down payment
- $34,197
- Funds due
- $45,834
- Interest + MI left
- $334,874
- First ends
- Mar 2049
New loan
New conventional
$2,448/mo
+$1,168/mo- Down payment
- $34,197
- Funds due
- $42,717
- Interest + MI left
- $447,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,803 | $160,803 | $305,803 |
| Second mortgage | — | $145,000 | — |
| First P&I | $964.99 | $964.99 | $2,071.62 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $61.16 |
| Taxes, insurance & HOA | $315.33 | $315.33 | $315.33 |
| Total housing payment | $1,280.32 | $2,344.28 | $2,448.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,197
Closing costs & prepaids$11,637
Usable credit−$0
Total buyer cash needed$45,834
Earnest money paid−$0
Remaining funds due$45,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$804.01
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)$408.00
Initial HOA (3 months)$87.99
Prepaid interest, first (9 days)$183.18
Prepaid interest, second (9 days)$286.03
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 closing22 yr 3 moOf the original 30-year loan at 4.62%
Interest already paid$62,748Through Dec 2026
Assumption only · ends Mar 2049$96,849
Assumption + second · ends Mar 2049, second Jan 2057$334,874
New conventional · ends Jan 2057$447,135