Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,218/mo
Lowest payment- Down payment
- $234,236
- Funds due
- $247,281
- Interest + MI left
- $47,464
- First ends
- Mar 2043
Assumption
Assumption + second
$3,641/mo
+$1,424/mo- Down payment
- $40,236
- Funds due
- $54,743
- Interest + MI left
- $365,925
- First ends
- Mar 2043
New loan
New conventional
$3,624/mo
+$1,406/mo- Down payment
- $40,236
- Funds due
- $51,557
- Interest + MI left
- $518,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,764 | $160,764 | $354,764 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,067.83 | $1,067.83 | $2,403.29 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | — | — | $70.95 |
| Taxes, insurance & HOA | $1,149.75 | $1,149.75 | $1,149.75 |
| Total housing payment | $2,217.58 | $3,641.08 | $3,624.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,236
Closing costs & prepaids$14,507
Usable credit−$0
Total buyer cash needed$54,743
Earnest money paid−$0
Remaining funds due$54,743
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$803.82
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)$1,007.25
Initial HOA (3 months)$1,992.00
Prepaid interest, first (5 days)$73.11
Prepaid interest, second (5 days)$212.60
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 closing16 yr 3 moOf the original 30-year loan at 3.32%
Interest already paid$93,746Through Dec 2026
Assumption only · ends Mar 2043$47,464
Assumption + second · ends Mar 2043, second Jan 2057$365,925
New conventional · ends Jan 2057$518,653