Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,338/mo
Lowest payment- Down payment
- $168,009
- Funds due
- $178,071
- Interest + MI left
- $59,004
- First ends
- Jun 2046
Assumption
Assumption + second
$2,336/mo
+$998/mo- Down payment
- $32,009
- Funds due
- $43,380
- Interest + MI left
- $282,255
- First ends
- Jun 2046
New loan
New conventional
$2,470/mo
+$1,132/mo- Down payment
- $32,009
- Funds due
- $40,319
- Interest + MI left
- $425,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,491 | $144,491 | $280,491 |
| Second mortgage | — | $136,000 | — |
| First P&I | $865.93 | $865.93 | $1,942.06 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $56.10 |
| Taxes, insurance & HOA | $472.25 | $472.25 | $472.25 |
| Total housing payment | $1,338.18 | $2,336.10 | $2,470.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,009
Closing costs & prepaids$11,371
Usable credit−$0
Total buyer cash needed$43,380
Earnest money paid−$0
Remaining funds due$43,380
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,125.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$722.45
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)$525.75
Initial HOA (3 months)$441.00
Prepaid interest, first (2 days)$29.37
Prepaid interest, second (2 days)$59.62
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 3.710%
Interest already paid$64,833Through Nov 2026
Assumption only · ends Jun 2046$59,004
Assumption + second · ends Jun 2046, second Dec 2056$282,255
New conventional · ends Dec 2056$425,327