Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,507/mo
Lowest payment- Down payment
- $211,957
- Funds due
- $222,511
- Interest + MI left
- $44,358
- First ends
- May 2042
Assumption
Assumption + second
$2,791/mo
+$1,284/mo- Down payment
- $36,957
- Funds due
- $48,838
- Interest + MI left
- $331,630
- First ends
- May 2042
New loan
New conventional
$2,773/mo
+$1,267/mo- Down payment
- $36,957
- Funds due
- $45,711
- Interest + MI left
- $489,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,943 | $147,943 | $322,943 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,033.88 | $1,033.88 | $2,235.99 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $64.59 |
| Taxes, insurance & HOA | $472.92 | $472.92 | $472.92 |
| Total housing payment | $1,506.79 | $2,790.88 | $2,773.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,957
Closing costs & prepaids$11,881
Usable credit−$0
Total buyer cash needed$48,838
Earnest money paid−$0
Remaining funds due$48,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$739.71
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)$899.75
Initial HOA (3 months)$69.00
Prepaid interest, first (2 days)$28.62
Prepaid interest, second (2 days)$76.71
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 closing15 yr 6 moOf the original 29-year loan at 3.530%
Interest already paid$90,428Through Nov 2026
Assumption only · ends May 2042$44,358
Assumption + second · ends May 2042, second Dec 2056$331,630
New conventional · ends Dec 2056$489,636