Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,778/mo
Lowest payment- Down payment
- $160,238
- Funds due
- $171,543
- Interest + MI left
- $89,663
- First ends
- Feb 2048
Assumption
Assumption + second
$2,696/mo
+$917/mo- Down payment
- $35,238
- Funds due
- $47,848
- Interest + MI left
- $294,857
- First ends
- Feb 2048
New loan
New conventional
$2,925/mo
+$1,147/mo- Down payment
- $35,238
- Funds due
- $44,536
- Interest + MI left
- $477,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,762 | $189,762 | $314,762 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,095.78 | $1,095.78 | $2,179.35 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $62.95 |
| Taxes, insurance & HOA | $682.66 | $682.66 | $682.66 |
| Total housing payment | $1,778.45 | $2,695.65 | $2,924.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,238
Closing costs & prepaids$12,610
Usable credit−$0
Total buyer cash needed$47,848
Earnest money paid−$0
Remaining funds due$47,848
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$948.81
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)$1,573.00
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$40.55
Prepaid interest, second (2 days)$54.79
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 closing21 yr 3 moOf the original 30-year loan at 3.900%
Interest already paid$72,499Through Nov 2026
Assumption only · ends Feb 2048$89,663
Assumption + second · ends Feb 2048, second Dec 2056$294,857
New conventional · ends Dec 2056$477,358