Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,140/mo
Lowest payment- Down payment
- $189,490
- Funds due
- $199,147
- Interest + MI left
- $34,540
- First ends
- Apr 2044
Assumption
Assumption + second
$2,329/mo
+$1,189/mo- Down payment
- $27,490
- Funds due
- $38,468
- Interest + MI left
- $300,471
- First ends
- Apr 2044
New loan
New conventional
$2,312/mo
+$1,172/mo- Down payment
- $27,490
- Funds due
- $35,765
- Interest + MI left
- $364,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,510 | $78,510 | $240,510 |
| Second mortgage | — | $162,000 | — |
| First P&I | $540.91 | $540.91 | $1,665.24 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $48.10 |
| Taxes, insurance & HOA | $599.00 | $599.00 | $599.00 |
| Total housing payment | $1,139.91 | $2,328.61 | $2,312.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,490
Closing costs & prepaids$10,978
Usable credit−$0
Total buyer cash needed$38,468
Earnest money paid−$0
Remaining funds due$38,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$392.55
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)$447.00
Initial HOA (3 months)$900.00
Prepaid interest, first (2 days)$19.19
Prepaid interest, second (2 days)$71.01
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 closing17 yr 5 moOf the original 30-year loan at 4.460%
Interest already paid$52,930Through Nov 2026
Assumption only · ends Apr 2044$34,540
Assumption + second · ends Apr 2044, second Dec 2056$300,471
New conventional · ends Dec 2056$364,701