Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $244,267
- Funds due
- $254,570
- Interest + MI left
- $2,351
- First ends
- Jul 2030
Assumption
Assumption + second
$3,362/mo
+$1,540/mo- Down payment
- $29,267
- Funds due
- $41,049
- Interest + MI left
- $341,854
- First ends
- Jul 2030
New loan
New conventional
$2,605/mo
+$783/mo- Down payment
- $29,267
- Funds due
- $38,516
- Interest + MI left
- $373,727
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,633 | $40,633 | $255,633 |
| Second mortgage | — | $215,000 | — |
| First P&I | $999.64 | $999.64 | $1,731.75 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $51.13 |
| Taxes, insurance & HOA | $822.17 | $822.17 | $822.17 |
| Total housing payment | $1,821.81 | $3,362.09 | $2,605.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,267
Closing costs & prepaids$11,782
Usable credit−$0
Total buyer cash needed$41,049
Earnest money paid−$0
Remaining funds due$41,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$203.17
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)$726.50
Initial HOA (3 months)$1,290.00
Prepaid interest, first (5 days)$17.26
Prepaid interest, second (5 days)$228.25
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 closing3 yr 7 moOf the original 15-year loan at 3.1%
Interest already paid$33,834Through Dec 2026
Assumption only · ends Jul 2030$2,351
Assumption + second · ends Jul 2030, second Jan 2057$341,854
New conventional · ends Jan 2057$373,727