Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$572/mo
Lowest payment- Down payment
- $202,398
- Funds due
- $210,909
- Interest + MI left
- $4,599
- First ends
- Apr 2049
Assumption
Assumption + second
$1,893/mo
+$1,321/mo- Down payment
- $22,398
- Funds due
- $32,238
- Interest + MI left
- $300,078
- First ends
- Apr 2049
New loan
New conventional
$1,884/mo
+$1,312/mo- Down payment
- $22,398
- Funds due
- $29,901
- Interest + MI left
- $293,532
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,601 | $13,601 | $193,601 |
| Second mortgage | — | $180,000 | — |
| First P&I | $67.66 | $67.66 | $1,340.45 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $38.72 |
| Taxes, insurance & HOA | $504.33 | $504.33 | $504.33 |
| Total housing payment | $571.99 | $1,892.77 | $1,883.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,398
Closing costs & prepaids$9,840
Usable credit−$0
Total buyer cash needed$32,238
Earnest money paid−$0
Remaining funds due$32,238
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,159.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$68.00
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)$355.00
Initial HOA (3 months)$708.00
Prepaid interest, first (2 days)$2.03
Prepaid interest, second (2 days)$78.90
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 closing22 yr 5 moOf the original 28-year loan at 2.730%
Interest already paid$2,254Through Nov 2026
Assumption only · ends Apr 2049$4,599
Assumption + second · ends Apr 2049, second Dec 2056$300,078
New conventional · ends Dec 2056$293,532