Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,228/mo
Lowest payment- Down payment
- $248,924
- Funds due
- $259,630
- Interest + MI left
- $40,286
- First ends
- Sep 2046
Assumption
Assumption + second
$2,754/mo
+$1,526/mo- Down payment
- $35,924
- Funds due
- $47,970
- Interest + MI left
- $376,631
- First ends
- Sep 2046
New loan
New conventional
$2,886/mo
+$1,658/mo- Down payment
- $35,924
- Funds due
- $45,057
- Interest + MI left
- $483,836
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,076 | $106,076 | $319,076 |
| Second mortgage | — | $213,000 | — |
| First P&I | $614.97 | $614.97 | $2,209.22 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $63.82 |
| Taxes, insurance & HOA | $612.67 | $612.67 | $612.67 |
| Total housing payment | $1,227.64 | $2,753.60 | $2,885.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,924
Closing costs & prepaids$12,047
Usable credit−$0
Total buyer cash needed$47,970
Earnest money paid−$0
Remaining funds due$47,970
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%)$530.38
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)$1,330.50
Initial HOA (3 months)$57.51
Prepaid interest, first (2 days)$19.94
Prepaid interest, second (2 days)$90.45
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 10 moOf the original 30-year loan at 3.430%
Interest already paid$42,953Through Nov 2026
Assumption only · ends Sep 2046$40,286
Assumption + second · ends Sep 2046, second Dec 2056$376,631
New conventional · ends Dec 2056$483,836