Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $177,505
- Funds due
- $188,046
- Interest + MI left
- $56,275
- First ends
- Oct 2046
Assumption
Assumption + second
$2,507/mo
+$1,064/mo- Down payment
- $32,505
- Funds due
- $44,328
- Interest + MI left
- $294,300
- First ends
- Oct 2046
New loan
New conventional
$2,674/mo
+$1,231/mo- Down payment
- $32,505
- Funds due
- $41,236
- Interest + MI left
- $443,588
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,495 | $147,495 | $292,495 |
| Second mortgage | — | $145,000 | — |
| First P&I | $852.59 | $852.59 | $2,025.18 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $58.50 |
| Taxes, insurance & HOA | $590.58 | $590.58 | $590.58 |
| Total housing payment | $1,443.18 | $2,507.14 | $2,674.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,505
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$44,328
Earnest money paid−$0
Remaining funds due$44,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$737.48
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)$361.75
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$13.86
Prepaid interest, second (1 days)$31.78
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 closing19 yr 11 moOf the original 30-year loan at 3.430%
Interest already paid$59,128Through Nov 2026
Assumption only · ends Oct 2046$56,275
Assumption + second · ends Oct 2046, second Dec 2056$294,300
New conventional · ends Dec 2056$443,588