Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,135/mo
Lowest payment- Down payment
- $235,104
- Funds due
- $245,152
- Interest + MI left
- $31,445
- First ends
- Apr 2043
Assumption
Assumption + second
$2,575/mo
+$1,440/mo- Down payment
- $34,104
- Funds due
- $45,573
- Interest + MI left
- $348,840
- First ends
- Apr 2043
New loan
New conventional
$2,558/mo
+$1,423/mo- Down payment
- $34,104
- Funds due
- $42,693
- Interest + MI left
- $442,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,896 | $104,896 | $305,896 |
| Second mortgage | — | $201,000 | — |
| First P&I | $695.61 | $695.61 | $2,057.78 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $61.18 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $1,134.61 | $2,574.60 | $2,557.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,104
Closing costs & prepaids$11,469
Usable credit−$0
Total buyer cash needed$45,573
Earnest money paid−$0
Remaining funds due$45,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$524.48
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)$867.00
Prepaid interest, first (4 days)$38.51
Prepaid interest, second (4 days)$170.71
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 4 moOf the original 30-year loan at 3.35%
Interest already paid$61,138Through Dec 2026
Assumption only · ends Apr 2043$31,445
Assumption + second · ends Apr 2043, second Jan 2057$348,840
New conventional · ends Jan 2057$442,002