Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $244,087
- Funds due
- $254,517
- Interest + MI left
- $64,321
- First ends
- Nov 2041
Assumption
Assumption + second
$2,964/mo
+$1,469/mo- Down payment
- $39,087
- Funds due
- $50,854
- Interest + MI left
- $388,034
- First ends
- Nov 2041
New loan
New conventional
$2,820/mo
+$1,324/mo- Down payment
- $39,087
- Funds due
- $47,728
- Interest + MI left
- $524,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,913 | $140,913 | $345,913 |
| Second mortgage | — | $205,000 | — |
| First P&I | $1,140.19 | $1,140.19 | $2,395.03 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $69.18 |
| Taxes, insurance & HOA | $355.50 | $355.50 | $355.50 |
| Total housing payment | $1,495.69 | $2,964.34 | $2,819.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,087
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$50,854
Earnest money paid−$0
Remaining funds due$50,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$704.57
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)$604.00
Initial HOA (3 months)$12.51
Prepaid interest, first (2 days)$41.31
Prepaid interest, second (2 days)$87.05
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 yrOf the original 30-year loan at 5.350%
Interest already paid$141,963Through Nov 2026
Assumption only · ends Nov 2041$64,321
Assumption + second · ends Nov 2041, second Dec 2056$388,034
New conventional · ends Dec 2056$524,531