Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $222,813
- Funds due
- $235,467
- Interest + MI left
- $37,889
- First ends
- Apr 2041
Assumption
Assumption + second
$3,572/mo
+$1,299/mo- Down payment
- $45,813
- Funds due
- $59,872
- Interest + MI left
- $328,444
- First ends
- Apr 2041
New loan
New conventional
$3,532/mo
+$1,259/mo- Down payment
- $45,813
- Funds due
- $56,341
- Interest + MI left
- $583,802
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,087 | $227,087 | $404,087 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,540.56 | $1,540.56 | $2,718.32 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $80.82 |
| Taxes, insurance & HOA | $732.42 | $732.42 | $732.42 |
| Total housing payment | $2,272.98 | $3,571.74 | $3,531.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,813
Closing costs & prepaids$14,060
Usable credit−$0
Total buyer cash needed$59,872
Earnest money paid−$0
Remaining funds due$59,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,135.44
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)$1,147.25
Initial HOA (3 months)$600.00
Prepaid interest, first (4 days)$54.75
Prepaid interest, second (4 days)$155.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing14 yr 4 moOf the original 20-year loan at 2.2%
Interest already paid$32,945Through Dec 2026
Assumption only · ends Apr 2041$37,889
Assumption + second · ends Apr 2041, second Jan 2057$328,444
New conventional · ends Jan 2057$583,802