Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,039/mo
Lowest payment- Down payment
- $343,715
- Funds due
- $354,252
- Interest + MI left
- $6,253
- First ends
- Jun 2036
Assumption
Assumption + second
$3,209/mo
+$2,171/mo- Down payment
- $40,715
- Funds due
- $52,823
- Interest + MI left
- $484,716
- First ends
- Jun 2036
New loan
New conventional
$2,996/mo
+$1,957/mo- Down payment
- $40,715
- Funds due
- $50,106
- Interest + MI left
- $525,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,284 | $56,284 | $359,284 |
| Second mortgage | — | $303,000 | — |
| First P&I | $548.57 | $548.57 | $2,433.91 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $71.86 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,038.57 | $3,209.30 | $2,995.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,715
Closing costs & prepaids$12,108
Usable credit−$0
Total buyer cash needed$52,823
Earnest money paid−$0
Remaining funds due$52,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$281.42
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)$1,020.00
Prepaid interest, first (5 days)$17.27
Prepaid interest, second (5 days)$321.68
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 closing9 yr 6 moOf the original 15-year loan at 2.24%
Interest already paid$8,690Through Dec 2026
Assumption only · ends Jun 2036$6,253
Assumption + second · ends Jun 2036, second Jan 2057$484,716
New conventional · ends Jan 2057$525,261