Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,279/mo
Lowest payment- Down payment
- $263,433
- Funds due
- $274,260
- Interest + MI left
- $65,910
- First ends
- Sep 2046
Assumption
Assumption + second
$2,855/mo
+$1,576/mo- Down payment
- $43,433
- Funds due
- $55,603
- Interest + MI left
- $413,308
- First ends
- Sep 2046
New loan
New conventional
$3,041/mo
+$1,762/mo- Down payment
- $43,433
- Funds due
- $52,347
- Interest + MI left
- $578,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,567 | $161,567 | $381,567 |
| Second mortgage | — | $220,000 | — |
| First P&I | $955.79 | $955.79 | $2,641.89 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | — | — | $76.31 |
| Taxes, insurance & HOA | $323.00 | $323.00 | $323.00 |
| Total housing payment | $1,278.79 | $2,854.89 | $3,041.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,433
Closing costs & prepaids$12,171
Usable credit−$0
Total buyer cash needed$55,603
Earnest money paid−$0
Remaining funds due$55,603
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$807.84
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)$369.00
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$32.40
Prepaid interest, second (2 days)$93.42
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 closing19 yr 10 moOf the original 30-year loan at 3.660%
Interest already paid$69,497Through Nov 2026
Assumption only · ends Sep 2046$65,910
Assumption + second · ends Sep 2046, second Dec 2056$413,308
New conventional · ends Dec 2056$578,596