Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $208,449
- Funds due
- $218,895
- Interest + MI left
- $82,275
- First ends
- Mar 2047
Assumption
Assumption + second
$2,621/mo
+$1,247/mo- Down payment
- $38,449
- Funds due
- $50,182
- Interest + MI left
- $361,339
- First ends
- Mar 2047
New loan
New conventional
$2,767/mo
+$1,393/mo- Down payment
- $38,449
- Funds due
- $46,910
- Interest + MI left
- $517,917
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,551 | $171,551 | $341,551 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,040.27 | $1,040.27 | $2,364.83 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $68.31 |
| Taxes, insurance & HOA | $333.67 | $333.67 | $333.67 |
| Total housing payment | $1,373.94 | $2,621.34 | $2,766.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,449
Closing costs & prepaids$11,733
Usable credit−$0
Total buyer cash needed$50,182
Earnest money paid−$0
Remaining funds due$50,182
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$857.76
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)$332.00
Initial HOA (3 months)$219.00
Prepaid interest, first (1 days)$19.41
Prepaid interest, second (1 days)$37.26
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 closing20 yr 4 moOf the original 30-year loan at 4.130%
Interest already paid$77,707Through Nov 2026
Assumption only · ends Mar 2047$82,275
Assumption + second · ends Mar 2047, second Dec 2056$361,339
New conventional · ends Dec 2056$517,917