Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,232/mo
Lowest payment- Down payment
- $209,464
- Funds due
- $219,325
- Interest + MI left
- $50,923
- First ends
- Oct 2043
Assumption
Assumption + second
$2,523/mo
+$1,291/mo- Down payment
- $33,464
- Funds due
- $44,652
- Interest + MI left
- $339,836
- First ends
- Oct 2043
New loan
New conventional
$2,497/mo
+$1,266/mo- Down payment
- $33,464
- Funds due
- $41,690
- Interest + MI left
- $448,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,536 | $119,536 | $295,536 |
| Second mortgage | — | $176,000 | — |
| First P&I | $839.70 | $839.70 | $2,046.23 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $59.11 |
| Taxes, insurance & HOA | $392.08 | $392.08 | $392.08 |
| Total housing payment | $1,231.78 | $2,523.20 | $2,497.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,464
Closing costs & prepaids$11,188
Usable credit−$0
Total buyer cash needed$44,652
Earnest money paid−$0
Remaining funds due$44,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$597.68
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)$708.75
Initial HOA (3 months)$17.49
Prepaid interest, first (2 days)$29.21
Prepaid interest, second (2 days)$77.15
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 closing16 yr 11 moOf the original 30-year loan at 4.460%
Interest already paid$84,864Through Nov 2026
Assumption only · ends Oct 2043$50,923
Assumption + second · ends Oct 2043, second Dec 2056$339,836
New conventional · ends Dec 2056$448,141