Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $221,311
- Funds due
- $232,987
- Interest + MI left
- $87,555
- First ends
- Oct 2047
Assumption
Assumption + second
$3,030/mo
+$1,321/mo- Down payment
- $41,311
- Funds due
- $54,316
- Interest + MI left
- $383,034
- First ends
- Oct 2047
New loan
New conventional
$3,234/mo
+$1,526/mo- Down payment
- $41,311
- Funds due
- $50,947
- Interest + MI left
- $558,990
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,589 | $188,589 | $368,589 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,100.18 | $1,100.18 | $2,552.04 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $73.72 |
| Taxes, insurance & HOA | $608.67 | $608.67 | $608.67 |
| Total housing payment | $1,708.84 | $3,029.62 | $3,234.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,311
Closing costs & prepaids$13,005
Usable credit−$0
Total buyer cash needed$54,316
Earnest money paid−$0
Remaining funds due$54,316
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$942.95
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)$581.00
Initial HOA (3 months)$795.00
Prepaid interest, first (2 days)$40.30
Prepaid interest, second (2 days)$78.90
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 closing20 yr 11 moOf the original 30-year loan at 3.900%
Interest already paid$75,257Through Nov 2026
Assumption only · ends Oct 2047$87,555
Assumption + second · ends Oct 2047, second Dec 2056$383,034
New conventional · ends Dec 2056$558,990