Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,590/mo
Lowest payment- Down payment
- $159,592
- Funds due
- $170,334
- Interest + MI left
- $57,678
- First ends
- Jun 2046
Assumption
Assumption + second
$2,537/mo
+$947/mo- Down payment
- $30,592
- Funds due
- $42,640
- Interest + MI left
- $269,438
- First ends
- Jun 2046
New loan
New conventional
$2,667/mo
+$1,076/mo- Down payment
- $30,592
- Funds due
- $39,613
- Interest + MI left
- $408,521
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,408 | $140,408 | $269,408 |
| Second mortgage | — | $129,000 | — |
| First P&I | $842.92 | $842.92 | $1,865.33 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $53.88 |
| Taxes, insurance & HOA | $747.50 | $747.50 | $747.50 |
| Total housing payment | $1,590.42 | $2,536.97 | $2,666.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,592
Closing costs & prepaids$12,048
Usable credit−$0
Total buyer cash needed$42,640
Earnest money paid−$0
Remaining funds due$42,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$702.04
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)$667.50
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$28.70
Prepaid interest, second (2 days)$56.55
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 7 moOf the original 30-year loan at 3.730%
Interest already paid$63,315Through Nov 2026
Assumption only · ends Jun 2046$57,678
Assumption + second · ends Jun 2046, second Dec 2056$269,438
New conventional · ends Dec 2056$408,521