Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,518/mo
Lowest payment- Down payment
- $236,358
- Funds due
- $247,524
- Interest + MI left
- $85,834
- First ends
- Apr 2047
Assumption
Assumption + second
$2,941/mo
+$1,424/mo- Down payment
- $42,358
- Funds due
- $54,860
- Interest + MI left
- $404,295
- First ends
- Apr 2047
New loan
New conventional
$3,093/mo
+$1,575/mo- Down payment
- $42,358
- Funds due
- $51,525
- Interest + MI left
- $565,062
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,642 | $178,642 | $372,642 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,079.49 | $1,079.49 | $2,580.10 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | — | — | $74.53 |
| Taxes, insurance & HOA | $438.17 | $438.17 | $438.17 |
| Total housing payment | $1,517.66 | $2,941.16 | $3,092.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,358
Closing costs & prepaids$12,501
Usable credit−$0
Total buyer cash needed$54,860
Earnest money paid−$0
Remaining funds due$54,860
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$893.21
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)$483.50
Initial HOA (3 months)$381.00
Prepaid interest, first (2 days)$40.33
Prepaid interest, second (2 days)$85.04
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 closing20 yr 5 moOf the original 30-year loan at 4.120%
Interest already paid$79,913Through Nov 2026
Assumption only · ends Apr 2047$85,834
Assumption + second · ends Apr 2047, second Dec 2056$404,295
New conventional · ends Dec 2056$565,062