Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,840/mo
Lowest payment- Down payment
- $269,711
- Funds due
- $281,988
- Interest + MI left
- $38,794
- First ends
- May 2042
Assumption
Assumption + second
$3,494/mo
+$1,655/mo- Down payment
- $38,711
- Funds due
- $52,483
- Interest + MI left
- $403,562
- First ends
- May 2042
New loan
New conventional
$3,422/mo
+$1,582/mo- Down payment
- $38,711
- Funds due
- $49,510
- Interest + MI left
- $506,186
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,189 | $115,189 | $346,189 |
| Second mortgage | — | $231,000 | — |
| First P&I | $832.34 | $832.34 | $2,345.20 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $69.24 |
| Taxes, insurance & HOA | $1,007.17 | $1,007.17 | $1,007.17 |
| Total housing payment | $1,839.50 | $3,494.42 | $3,421.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,711
Closing costs & prepaids$13,772
Usable credit−$0
Total buyer cash needed$52,483
Earnest money paid−$0
Remaining funds due$52,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$575.94
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)$981.50
Initial HOA (3 months)$1,590.00
Prepaid interest, first (5 days)$62.33
Prepaid interest, second (5 days)$245.24
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 5 moOf the original 30-year loan at 3.95%
Interest already paid$85,448Through Dec 2026
Assumption only · ends May 2042$38,794
Assumption + second · ends May 2042, second Jan 2057$403,562
New conventional · ends Jan 2057$506,186