Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$988/mo
Lowest payment- Down payment
- $174,244
- Funds due
- $183,222
- Interest + MI left
- $27,736
- First ends
- Sep 2042
Assumption
Assumption + second
$2,074/mo
+$1,086/mo- Down payment
- $26,244
- Funds due
- $36,505
- Interest + MI left
- $270,685
- First ends
- Sep 2042
New loan
New conventional
$2,056/mo
+$1,068/mo- Down payment
- $26,244
- Funds due
- $33,778
- Interest + MI left
- $354,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,656 | $85,656 | $233,656 |
| Second mortgage | — | $148,000 | — |
| First P&I | $596.80 | $596.80 | $1,617.79 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $46.73 |
| Taxes, insurance & HOA | $391.58 | $391.58 | $391.58 |
| Total housing payment | $988.38 | $2,074.35 | $2,056.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,244
Closing costs & prepaids$10,261
Usable credit−$0
Total buyer cash needed$36,505
Earnest money paid−$0
Remaining funds due$36,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$428.28
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)$649.75
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$8.71
Prepaid interest, second (1 days)$32.44
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 10 moOf the original 30-year loan at 3.710%
Interest already paid$57,612Through Nov 2026
Assumption only · ends Sep 2042$27,736
Assumption + second · ends Sep 2042, second Dec 2056$270,685
New conventional · ends Dec 2056$354,308