Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$962/mo
Lowest payment- Down payment
- $186,521
- Funds due
- $195,560
- Interest + MI left
- $32,742
- First ends
- Jun 2043
Assumption
Assumption + second
$2,122/mo
+$1,159/mo- Down payment
- $28,521
- Funds due
- $38,879
- Interest + MI left
- $292,107
- First ends
- Jun 2043
New loan
New conventional
$2,130/mo
+$1,168/mo- Down payment
- $28,521
- Funds due
- $36,074
- Interest + MI left
- $388,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,479 | $98,479 | $256,479 |
| Second mortgage | — | $158,000 | — |
| First P&I | $659.40 | $659.40 | $1,775.81 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $51.30 |
| Taxes, insurance & HOA | $302.92 | $302.92 | $302.92 |
| Total housing payment | $962.32 | $2,121.67 | $2,130.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,521
Closing costs & prepaids$10,358
Usable credit−$0
Total buyer cash needed$38,879
Earnest money paid−$0
Remaining funds due$38,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$492.40
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)$290.75
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$19.59
Prepaid interest, second (2 days)$69.26
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 closing16 yr 7 moOf the original 30-year loan at 3.630%
Interest already paid$60,143Through Nov 2026
Assumption only · ends Jun 2043$32,742
Assumption + second · ends Jun 2043, second Dec 2056$292,107
New conventional · ends Dec 2056$388,968