Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,206/mo
Lowest payment- Down payment
- $226,085
- Funds due
- $236,219
- Interest + MI left
- $34,185
- First ends
- May 2043
Assumption
Assumption + second
$2,615/mo
+$1,409/mo- Down payment
- $34,085
- Funds due
- $45,553
- Interest + MI left
- $349,363
- First ends
- May 2043
New loan
New conventional
$2,627/mo
+$1,421/mo- Down payment
- $34,085
- Funds due
- $42,642
- Interest + MI left
- $456,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,915 | $108,915 | $300,915 |
| Second mortgage | — | $192,000 | — |
| First P&I | $722.72 | $722.72 | $2,083.47 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $60.18 |
| Taxes, insurance & HOA | $483.50 | $483.50 | $483.50 |
| Total housing payment | $1,206.22 | $2,615.05 | $2,627.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,085
Closing costs & prepaids$11,468
Usable credit−$0
Total buyer cash needed$45,553
Earnest money paid−$0
Remaining funds due$45,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$544.57
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)$1,000.50
Prepaid interest, first (2 days)$20.65
Prepaid interest, second (2 days)$84.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.460%
Interest already paid$64,246Through Nov 2026
Assumption only · ends May 2043$34,185
Assumption + second · ends May 2043, second Dec 2056$349,363
New conventional · ends Dec 2056$456,298