Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $181,476
- Funds due
- $191,314
- Interest + MI left
- $24,128
- First ends
- Apr 2043
Assumption
Assumption + second
$2,348/mo
+$1,137/mo- Down payment
- $26,476
- Funds due
- $37,598
- Interest + MI left
- $278,569
- First ends
- Apr 2043
New loan
New conventional
$2,354/mo
+$1,143/mo- Down payment
- $26,476
- Funds due
- $34,904
- Interest + MI left
- $354,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,524 | $78,524 | $233,524 |
| Second mortgage | — | $155,000 | — |
| First P&I | $521.08 | $521.08 | $1,616.87 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $46.70 |
| Taxes, insurance & HOA | $690.00 | $690.00 | $690.00 |
| Total housing payment | $1,211.08 | $2,348.41 | $2,353.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,476
Closing costs & prepaids$11,122
Usable credit−$0
Total buyer cash needed$37,598
Earnest money paid−$0
Remaining funds due$37,598
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$392.62
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)$660.00
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$7.34
Prepaid interest, second (1 days)$33.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 3.410%
Interest already paid$46,109Through Nov 2026
Assumption only · ends Apr 2043$24,128
Assumption + second · ends Apr 2043, second Dec 2056$278,569
New conventional · ends Dec 2056$354,108