Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,173/mo
Lowest payment- Down payment
- $220,355
- Funds due
- $230,853
- Interest + MI left
- $17,841
- First ends
- Sep 2034
Assumption
Assumption + second
$3,516/mo
+$1,343/mo- Down payment
- $37,355
- Funds due
- $49,183
- Interest + MI left
- $318,245
- First ends
- Sep 2034
New loan
New conventional
$2,778/mo
+$606/mo- Down payment
- $37,355
- Funds due
- $46,072
- Interest + MI left
- $496,830
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,645 | $144,645 | $327,645 |
| Second mortgage | — | $183,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,268.55 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $65.53 |
| Taxes, insurance & HOA | $444.33 | $444.33 | $444.33 |
| Total housing payment | $2,172.91 | $3,515.70 | $2,778.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,355
Closing costs & prepaids$11,828
Usable credit−$0
Total buyer cash needed$49,183
Earnest money paid−$0
Remaining funds due$49,183
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$723.23
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)$517.00
Initial HOA (3 months)$366.00
Prepaid interest, first (2 days)$23.78
Prepaid interest, second (2 days)$80.22
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 closing7 yr 10 moOf the original 30-year loan at 3.000%
Interest already paid$194,447Through Nov 2026
Assumption only · ends Sep 2034$17,841
Assumption + second · ends Sep 2034, second Dec 2056$318,245
New conventional · ends Dec 2056$496,830