Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $174,714
- Funds due
- $185,551
- Interest + MI left
- $110,897
- First ends
- Apr 2048
Assumption
Assumption + second
$2,590/mo
+$983/mo- Down payment
- $40,714
- Funds due
- $52,860
- Interest + MI left
- $330,865
- First ends
- Apr 2048
New loan
New conventional
$2,855/mo
+$1,248/mo- Down payment
- $40,714
- Funds due
- $49,325
- Interest + MI left
- $543,293
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,286 | $224,286 | $358,286 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,304.21 | $1,304.21 | $2,480.70 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $71.66 |
| Taxes, insurance & HOA | $302.75 | $302.75 | $302.75 |
| Total housing payment | $1,606.96 | $2,590.21 | $2,855.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,714
Closing costs & prepaids$12,146
Usable credit−$0
Total buyer cash needed$52,860
Earnest money paid−$0
Remaining funds due$52,860
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,121.43
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)$308.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$49.53
Prepaid interest, second (2 days)$58.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 4.030%
Interest already paid$86,425Through Nov 2026
Assumption only · ends Apr 2048$110,897
Assumption + second · ends Apr 2048, second Dec 2056$330,865
New conventional · ends Dec 2056$543,293