Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $195,477
- Funds due
- $205,508
- Interest + MI left
- $66,544
- First ends
- Dec 2043
Assumption
Assumption + second
$2,576/mo
+$1,174/mo- Down payment
- $35,477
- Funds due
- $46,793
- Interest + MI left
- $329,192
- First ends
- Dec 2043
New loan
New conventional
$2,564/mo
+$1,162/mo- Down payment
- $35,477
- Funds due
- $43,632
- Interest + MI left
- $476,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,523 | $154,523 | $314,523 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,078.37 | $1,078.37 | $2,177.69 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $323.75 | $323.75 | $323.75 |
| Total housing payment | $1,402.12 | $2,576.15 | $2,564.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,477
Closing costs & prepaids$11,316
Usable credit−$0
Total buyer cash needed$46,793
Earnest money paid−$0
Remaining funds due$46,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$772.61
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)$398.25
Initial HOA (3 months)$123.00
Prepaid interest, first (1 days)$18.88
Prepaid interest, second (1 days)$35.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing17 yr 1 moOf the original 30-year loan at 4.460%
Interest already paid$107,840Through Nov 2026
Assumption only · ends Dec 2043$66,544
Assumption + second · ends Dec 2043, second Dec 2056$329,192
New conventional · ends Dec 2056$476,932