Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,627/mo
Lowest payment- Down payment
- $198,982
- Funds due
- $210,130
- Interest + MI left
- $77,096
- First ends
- Aug 2046
Assumption
Assumption + second
$2,794/mo
+$1,167/mo- Down payment
- $39,982
- Funds due
- $52,450
- Interest + MI left
- $338,103
- First ends
- Aug 2046
New loan
New conventional
$2,989/mo
+$1,362/mo- Down payment
- $39,982
- Funds due
- $49,087
- Interest + MI left
- $530,756
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,018 | $191,018 | $350,018 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,131.28 | $1,131.28 | $2,423.45 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $70.00 |
| Taxes, insurance & HOA | $495.83 | $495.83 | $495.83 |
| Total housing payment | $1,627.11 | $2,793.80 | $2,989.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,982
Closing costs & prepaids$12,468
Usable credit−$0
Total buyer cash needed$52,450
Earnest money paid−$0
Remaining funds due$52,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$955.09
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)$975.00
Initial HOA (3 months)$62.49
Prepaid interest, first (2 days)$38.10
Prepaid interest, second (2 days)$69.70
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 closing19 yr 9 moOf the original 30-year loan at 3.640%
Interest already paid$82,564Through Nov 2026
Assumption only · ends Aug 2046$77,096
Assumption + second · ends Aug 2046, second Dec 2056$338,103
New conventional · ends Dec 2056$530,756