Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,342/mo
Lowest payment- Down payment
- $201,427
- Funds due
- $211,678
- Interest + MI left
- $32,170
- First ends
- Aug 2042
Assumption
Assumption + second
$2,597/mo
+$1,255/mo- Down payment
- $30,427
- Funds due
- $42,116
- Interest + MI left
- $312,875
- First ends
- Aug 2042
New loan
New conventional
$2,526/mo
+$1,184/mo- Down payment
- $30,427
- Funds due
- $39,303
- Interest + MI left
- $394,014
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,473 | $98,473 | $269,473 |
| Second mortgage | — | $171,000 | — |
| First P&I | $694.91 | $694.91 | $1,825.50 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $53.89 |
| Taxes, insurance & HOA | $646.92 | $646.92 | $646.92 |
| Total housing payment | $1,341.82 | $2,596.56 | $2,526.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,427
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$42,116
Earnest money paid−$0
Remaining funds due$42,116
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$492.36
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)$764.75
Initial HOA (3 months)$726.00
Prepaid interest, first (5 days)$50.99
Prepaid interest, second (5 days)$187.40
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 closing15 yr 8 moOf the original 30-year loan at 3.78%
Interest already paid$68,496Through Dec 2026
Assumption only · ends Aug 2042$32,170
Assumption + second · ends Aug 2042, second Jan 2057$312,875
New conventional · ends Jan 2057$394,014