Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,563/mo
Lowest payment- Down payment
- $157,593
- Funds due
- $170,081
- Interest + MI left
- $55,908
- First ends
- Mar 2041
Assumption
Assumption + second
$3,422/mo
+$859/mo- Down payment
- $40,593
- Funds due
- $54,357
- Interest + MI left
- $247,970
- First ends
- Mar 2041
New loan
New conventional
$3,388/mo
+$825/mo- Down payment
- $40,593
- Funds due
- $50,728
- Interest + MI left
- $543,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,407 | $241,407 | $358,407 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,481.54 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $71.68 |
| Taxes, insurance & HOA | $834.50 | $834.50 | $834.50 |
| Total housing payment | $2,563.08 | $3,421.58 | $3,387.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,593
Closing costs & prepaids$13,764
Usable credit−$0
Total buyer cash needed$54,357
Earnest money paid−$0
Remaining funds due$54,357
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%)$1,207.04
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)$997.50
Initial HOA (3 months)$1,056.00
Prepaid interest, first (1 days)$19.84
Prepaid interest, second (1 days)$25.64
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 closing14 yr 4 moOf the original 30-year loan at 3.000%
Interest already paid$156,380Through Nov 2026
Assumption only · ends Mar 2041$55,908
Assumption + second · ends Mar 2041, second Dec 2056$247,970
New conventional · ends Dec 2056$543,477