Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,447/mo
Lowest payment- Down payment
- $217,441
- Funds due
- $226,341
- Interest + MI left
- $3,704
- First ends
- Apr 2031
Assumption
Assumption + second
$2,841/mo
+$1,394/mo- Down payment
- $27,441
- Funds due
- $37,674
- Interest + MI left
- $315,599
- First ends
- Apr 2031
New loan
New conventional
$2,114/mo
+$668/mo- Down payment
- $27,441
- Funds due
- $35,100
- Interest + MI left
- $367,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,459 | $52,459 | $242,459 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,059.67 | $1,059.67 | $1,678.74 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $48.49 |
| Taxes, insurance & HOA | $387.17 | $387.17 | $387.17 |
| Total housing payment | $1,446.83 | $2,840.99 | $2,114.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,441
Closing costs & prepaids$10,233
Usable credit−$0
Total buyer cash needed$37,674
Earnest money paid−$0
Remaining funds due$37,674
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$262.29
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)$410.00
Initial HOA (3 months)$301.50
Prepaid interest, first (2 days)$8.82
Prepaid interest, second (2 days)$83.29
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 closing4 yr 5 moOf the original 15-year loan at 3.070%
Interest already paid$34,336Through Nov 2026
Assumption only · ends Apr 2031$3,704
Assumption + second · ends Apr 2031, second Dec 2056$315,599
New conventional · ends Dec 2056$367,657