Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,391/mo
Lowest payment- Down payment
- $191,214
- Funds due
- $201,630
- Interest + MI left
- $72,263
- First ends
- Mar 2046
Assumption
Assumption + second
$2,528/mo
+$1,137/mo- Down payment
- $36,214
- Funds due
- $48,186
- Interest + MI left
- $326,703
- First ends
- Mar 2046
New loan
New conventional
$2,603/mo
+$1,212/mo- Down payment
- $36,214
- Funds due
- $45,044
- Interest + MI left
- $471,967
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,786 | $167,786 | $322,786 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,039.17 | $1,039.17 | $2,186.66 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $64.56 |
| Taxes, insurance & HOA | $351.75 | $351.75 | $351.75 |
| Total housing payment | $1,390.92 | $2,528.26 | $2,602.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,214
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$48,186
Earnest money paid−$0
Remaining funds due$48,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$838.93
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)$430.75
Initial HOA (3 months)$174.51
Prepaid interest, first (9 days)$163.83
Prepaid interest, second (9 days)$305.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.96%
Interest already paid$83,118Through Dec 2026
Assumption only · ends Mar 2046$72,263
Assumption + second · ends Mar 2046, second Jan 2057$326,703
New conventional · ends Jan 2057$471,967