Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,689/mo
Lowest payment- Down payment
- $196,218
- Funds due
- $207,590
- Interest + MI left
- $57,731
- First ends
- Mar 2046
Assumption
Assumption + second
$2,878/mo
+$1,189/mo- Down payment
- $34,218
- Funds due
- $46,911
- Interest + MI left
- $323,662
- First ends
- Mar 2046
New loan
New conventional
$2,992/mo
+$1,303/mo- Down payment
- $34,218
- Funds due
- $43,843
- Interest + MI left
- $459,887
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,282 | $141,282 | $303,282 |
| Second mortgage | — | $162,000 | — |
| First P&I | $857.81 | $857.81 | $2,099.86 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $60.66 |
| Taxes, insurance & HOA | $831.25 | $831.25 | $831.25 |
| Total housing payment | $1,689.06 | $2,877.76 | $2,991.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,218
Closing costs & prepaids$12,693
Usable credit−$0
Total buyer cash needed$46,911
Earnest money paid−$0
Remaining funds due$46,911
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,375.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$706.41
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)$843.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (2 days)$29.11
Prepaid interest, second (2 days)$71.01
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 closing19 yr 4 moOf the original 30-year loan at 3.760%
Interest already paid$66,082Through Nov 2026
Assumption only · ends Mar 2046$57,731
Assumption + second · ends Mar 2046, second Dec 2056$323,662
New conventional · ends Dec 2056$459,887