Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,407/mo
Lowest payment- Down payment
- $207,057
- Funds due
- $217,249
- Interest + MI left
- $44,358
- First ends
- May 2042
Assumption
Assumption + second
$2,662/mo
+$1,255/mo- Down payment
- $36,057
- Funds due
- $47,536
- Interest + MI left
- $325,064
- First ends
- May 2042
New loan
New conventional
$2,645/mo
+$1,238/mo- Down payment
- $36,057
- Funds due
- $44,406
- Interest + MI left
- $483,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,943 | $147,943 | $318,943 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,033.88 | $1,033.88 | $2,208.30 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $63.79 |
| Taxes, insurance & HOA | $373.25 | $373.25 | $373.25 |
| Total housing payment | $1,407.13 | $2,661.86 | $2,645.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,057
Closing costs & prepaids$11,479
Usable credit−$0
Total buyer cash needed$47,536
Earnest money paid−$0
Remaining funds due$47,536
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$739.71
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)$600.75
Initial HOA (3 months)$69.00
Prepaid interest, first (1 days)$14.31
Prepaid interest, second (1 days)$37.48
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 closing15 yr 6 moOf the original 29-year loan at 3.530%
Interest already paid$90,428Through Nov 2026
Assumption only · ends May 2042$44,358
Assumption + second · ends May 2042, second Dec 2056$325,064
New conventional · ends Dec 2056$483,635