Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,401/mo
Lowest payment- Down payment
- $259,526
- Funds due
- $270,769
- Interest + MI left
- $67,279
- First ends
- Aug 2046
Assumption
Assumption + second
$2,948/mo
+$1,547/mo- Down payment
- $43,526
- Funds due
- $56,432
- Interest + MI left
- $408,362
- First ends
- Aug 2046
New loan
New conventional
$3,080/mo
+$1,680/mo- Down payment
- $43,526
- Funds due
- $53,232
- Interest + MI left
- $560,626
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,474 | $167,474 | $383,474 |
| Second mortgage | — | $216,000 | — |
| First P&I | $994.72 | $994.72 | $2,597.79 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $76.69 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $1,400.55 | $2,948.00 | $3,080.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,526
Closing costs & prepaids$12,906
Usable credit−$0
Total buyer cash needed$56,432
Earnest money paid−$0
Remaining funds due$56,432
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,270.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$837.37
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)$512.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$150.31
Prepaid interest, second (9 days)$412.77
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 8 moOf the original 30-year loan at 3.64%
Interest already paid$73,107Through Dec 2026
Assumption only · ends Aug 2046$67,279
Assumption + second · ends Aug 2046, second Jan 2057$408,362
New conventional · ends Jan 2057$560,626