Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,147/mo
Lowest payment- Down payment
- $289,104
- Funds due
- $299,930
- Interest + MI left
- $31,710
- First ends
- Jan 2045
Assumption
Assumption + second
$2,930/mo
+$1,784/mo- Down payment
- $40,104
- Funds due
- $52,392
- Interest + MI left
- $424,902
- First ends
- Jan 2045
New loan
New conventional
$2,982/mo
+$1,836/mo- Down payment
- $40,104
- Funds due
- $49,427
- Interest + MI left
- $519,885
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,796 | $110,796 | $359,796 |
| Second mortgage | — | $249,000 | — |
| First P&I | $656.71 | $656.71 | $2,420.37 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | — | — | $71.96 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,146.63 | $2,930.49 | $2,982.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,104
Closing costs & prepaids$12,287
Usable credit−$0
Total buyer cash needed$52,392
Earnest money paid−$0
Remaining funds due$52,392
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%)$553.98
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 (4 days)$35.21
Prepaid interest, second (4 days)$211.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing18 yr 1 moOf the original 24-year loan at 2.9%
Interest already paid$21,278Through Dec 2026
Assumption only · ends Jan 2045$31,710
Assumption + second · ends Jan 2045, second Jan 2057$424,902
New conventional · ends Jan 2057$519,885