Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,901/mo
Lowest payment- Down payment
- $184,623
- Funds due
- $196,530
- Interest + MI left
- $116,381
- First ends
- Jul 2049
Assumption
Assumption + second
$2,957/mo
+$1,057/mo- Down payment
- $40,623
- Funds due
- $53,812
- Interest + MI left
- $352,764
- First ends
- Jul 2049
New loan
New conventional
$3,237/mo
+$1,337/mo- Down payment
- $40,623
- Funds due
- $50,308
- Interest + MI left
- $543,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,277 | $214,277 | $358,277 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,215.65 | $1,215.65 | $2,480.64 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $71.66 |
| Taxes, insurance & HOA | $685.00 | $685.00 | $685.00 |
| Total housing payment | $1,900.65 | $2,957.27 | $3,237.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,623
Closing costs & prepaids$13,189
Usable credit−$0
Total buyer cash needed$53,812
Earnest money paid−$0
Remaining funds due$53,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,989.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,071.39
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)$1,359.00
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$24.30
Prepaid interest, second (1 days)$31.56
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 closing22 yr 8 moOf the original 30-year loan at 4.140%
Interest already paid$70,874Through Nov 2026
Assumption only · ends Jul 2049$116,381
Assumption + second · ends Jul 2049, second Dec 2056$352,764
New conventional · ends Dec 2056$543,280