Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,316/mo
Lowest payment- Down payment
- $238,896
- Funds due
- $249,695
- Interest + MI left
- $65,417
- First ends
- Sep 2046
Assumption
Assumption + second
$2,769/mo
+$1,453/mo- Down payment
- $40,896
- Funds due
- $53,335
- Interest + MI left
- $390,444
- First ends
- Sep 2046
New loan
New conventional
$2,865/mo
+$1,549/mo- Down payment
- $40,896
- Funds due
- $50,178
- Interest + MI left
- $524,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,104 | $161,104 | $359,104 |
| Second mortgage | — | $198,000 | — |
| First P&I | $955.79 | $955.79 | $2,432.70 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | — | — | $71.82 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $1,315.79 | $2,768.64 | $2,864.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,896
Closing costs & prepaids$12,439
Usable credit−$0
Total buyer cash needed$53,335
Earnest money paid−$0
Remaining funds due$53,335
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$805.52
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)$480.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$145.39
Prepaid interest, second (9 days)$390.58
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 9 moOf the original 30-year loan at 3.66%
Interest already paid$69,990Through Dec 2026
Assumption only · ends Sep 2046$65,417
Assumption + second · ends Sep 2046, second Jan 2057$390,444
New conventional · ends Jan 2057$524,998