Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $259,681
- Funds due
- $270,793
- Interest + MI left
- $36,100
- First ends
- Aug 2043
Assumption
Assumption + second
$3,006/mo
+$1,590/mo- Down payment
- $37,681
- Funds due
- $50,232
- Interest + MI left
- $386,657
- First ends
- Aug 2043
New loan
New conventional
$2,995/mo
+$1,579/mo- Down payment
- $37,681
- Funds due
- $47,267
- Interest + MI left
- $487,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,219 | $115,219 | $337,219 |
| Second mortgage | — | $222,000 | — |
| First P&I | $756.60 | $756.60 | $2,268.49 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $67.44 |
| Taxes, insurance & HOA | $658.67 | $658.67 | $658.67 |
| Total housing payment | $1,415.26 | $3,005.70 | $2,994.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,681
Closing costs & prepaids$12,551
Usable credit−$0
Total buyer cash needed$50,232
Earnest money paid−$0
Remaining funds due$50,232
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$576.10
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)$956.00
Initial HOA (3 months)$570.00
Prepaid interest, first (4 days)$43.18
Prepaid interest, second (4 days)$188.55
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 closing16 yr 8 moOf the original 30-year loan at 3.42%
Interest already paid$66,097Through Dec 2026
Assumption only · ends Aug 2043$36,100
Assumption + second · ends Aug 2043, second Jan 2057$386,657
New conventional · ends Jan 2057$487,262