Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $219,700
- Funds due
- $230,923
- Interest + MI left
- $68,753
- First ends
- Nov 2046
Assumption
Assumption + second
$2,845/mo
+$1,313/mo- Down payment
- $40,700
- Funds due
- $53,369
- Interest + MI left
- $362,591
- First ends
- Nov 2046
New loan
New conventional
$2,995/mo
+$1,464/mo- Down payment
- $40,700
- Funds due
- $50,090
- Interest + MI left
- $525,138
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,200 | $180,200 | $359,200 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,041.64 | $1,041.64 | $2,433.35 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $71.84 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,531.56 | $2,845.00 | $2,995.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,700
Closing costs & prepaids$12,669
Usable credit−$0
Total buyer cash needed$53,369
Earnest money paid−$0
Remaining funds due$53,369
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%)$901.00
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
Prepaid interest, first (5 days)$84.67
Prepaid interest, second (5 days)$196.16
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 11 moOf the original 30-year loan at 3.43%
Interest already paid$72,239Through Dec 2026
Assumption only · ends Nov 2046$68,753
Assumption + second · ends Nov 2046, second Jan 2057$362,591
New conventional · ends Jan 2057$525,138