Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,043/mo
Lowest payment- Down payment
- $211,749
- Funds due
- $221,579
- Interest + MI left
- $47,695
- First ends
- Dec 2046
Assumption
Assumption + second
$2,349/mo
+$1,306/mo- Down payment
- $33,749
- Funds due
- $45,180
- Interest + MI left
- $339,892
- First ends
- Dec 2046
New loan
New conventional
$2,431/mo
+$1,389/mo- Down payment
- $33,749
- Funds due
- $42,261
- Interest + MI left
- $440,479
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,251 | $123,251 | $301,251 |
| Second mortgage | — | $178,000 | — |
| First P&I | $712.28 | $712.28 | $2,040.78 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $60.25 |
| Taxes, insurance & HOA | $330.33 | $330.33 | $330.33 |
| Total housing payment | $1,042.61 | $2,348.71 | $2,431.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,749
Closing costs & prepaids$11,432
Usable credit−$0
Total buyer cash needed$45,180
Earnest money paid−$0
Remaining funds due$45,180
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$616.26
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)$402.00
Initial HOA (3 months)$138.99
Prepaid interest, first (9 days)$105.15
Prepaid interest, second (9 days)$351.12
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 closing20 yrOf the original 30-year loan at 3.46%
Interest already paid$49,312Through Dec 2026
Assumption only · ends Dec 2046$47,695
Assumption + second · ends Dec 2046, second Jan 2057$339,892
New conventional · ends Jan 2057$440,479