Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
Lowest payment- Down payment
- $165,288
- Funds due
- $177,851
- Interest + MI left
- $93,109
- First ends
- Aug 2046
Assumption
Assumption + second
$3,142/mo
+$917/mo- Down payment
- $40,288
- Funds due
- $54,238
- Interest + MI left
- $298,303
- First ends
- Aug 2046
New loan
New conventional
$3,344/mo
+$1,119/mo- Down payment
- $40,288
- Funds due
- $50,721
- Interest + MI left
- $525,812
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,612 | $234,612 | $359,612 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,388.65 | $1,388.65 | $2,436.14 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $71.92 |
| Taxes, insurance & HOA | $835.92 | $835.92 | $835.92 |
| Total housing payment | $2,224.57 | $3,141.77 | $3,343.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,288
Closing costs & prepaids$13,950
Usable credit−$0
Total buyer cash needed$54,238
Earnest money paid−$0
Remaining funds due$54,238
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,173.06
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)$1,019.75
Initial HOA (3 months)$1,038.00
Prepaid interest, first (5 days)$115.70
Prepaid interest, second (5 days)$136.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 3.6%
Interest already paid$101,369Through Dec 2026
Assumption only · ends Aug 2046$93,109
Assumption + second · ends Aug 2046, second Jan 2057$298,303
New conventional · ends Jan 2057$525,812