Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,144/mo
Lowest payment- Down payment
- $268,904
- Funds due
- $281,082
- Interest + MI left
- $164,347
- First ends
- May 2046
Assumption
Assumption + second
$3,770/mo
+$1,626/mo- Down payment
- $41,904
- Funds due
- $55,429
- Interest + MI left
- $522,799
- First ends
- May 2046
New loan
New conventional
$3,483/mo
+$1,340/mo- Down payment
- $41,904
- Funds due
- $52,205
- Interest + MI left
- $570,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,096 | $149,096 | $376,096 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,339.50 | $1,339.50 | $2,604.01 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $75.22 |
| Taxes, insurance & HOA | $804.16 | $804.16 | $804.16 |
| Total housing payment | $2,143.66 | $3,769.92 | $3,483.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,904
Closing costs & prepaids$13,525
Usable credit−$0
Total buyer cash needed$55,429
Earnest money paid−$0
Remaining funds due$55,429
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$745.48
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)$1,517.50
Initial HOA (3 months)$444.99
Prepaid interest, first (2 days)$72.29
Prepaid interest, second (2 days)$96.40
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 closing19 yr 6 moOf the original 30-year loan at 8.849%
Interest already paid$149,123Through Nov 2026
Assumption only · ends May 2046$164,347
Assumption + second · ends May 2046, second Dec 2056$522,799
New conventional · ends Dec 2056$570,375