Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$841/mo
Lowest payment- Down payment
- $175,742
- Funds due
- $184,337
- Interest + MI left
- $17,102
- First ends
- Jun 2040
Assumption
Assumption + second
$1,964/mo
+$1,123/mo- Down payment
- $22,742
- Funds due
- $32,654
- Interest + MI left
- $268,260
- First ends
- Jun 2040
New loan
New conventional
$1,870/mo
+$1,029/mo- Down payment
- $22,742
- Funds due
- $30,163
- Interest + MI left
- $299,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,258 | $44,258 | $197,258 |
| Second mortgage | — | $153,000 | — |
| First P&I | $376.44 | $376.44 | $1,365.77 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $39.45 |
| Taxes, insurance & HOA | $464.58 | $464.58 | $464.58 |
| Total housing payment | $841.03 | $1,963.69 | $1,869.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,742
Closing costs & prepaids$9,912
Usable credit−$0
Total buyer cash needed$32,654
Earnest money paid−$0
Remaining funds due$32,654
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$221.29
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)$184.75
Initial HOA (3 months)$759.00
Prepaid interest, first (2 days)$12.32
Prepaid interest, second (2 days)$67.07
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 closing13 yr 7 moOf the original 30-year loan at 5.080%
Interest already paid$48,927Through Nov 2026
Assumption only · ends Jun 2040$17,102
Assumption + second · ends Jun 2040, second Dec 2056$268,260
New conventional · ends Dec 2056$299,076