Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,098/mo
Lowest payment- Down payment
- $257,685
- Funds due
- $267,784
- Interest + MI left
- $30,125
- First ends
- Aug 2042
Assumption
Assumption + second
$2,689/mo
+$1,590/mo- Down payment
- $35,685
- Funds due
- $47,175
- Interest + MI left
- $380,682
- First ends
- Aug 2042
New loan
New conventional
$2,624/mo
+$1,526/mo- Down payment
- $35,685
- Funds due
- $44,328
- Interest + MI left
- $453,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,215 | $92,215 | $314,215 |
| Second mortgage | — | $222,000 | — |
| First P&I | $650.75 | $650.75 | $2,113.74 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $62.84 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,098.16 | $2,688.60 | $2,624.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,685
Closing costs & prepaids$11,490
Usable credit−$0
Total buyer cash needed$47,175
Earnest money paid−$0
Remaining funds due$47,175
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$461.08
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)$892.25
Prepaid interest, first (3 days)$28.65
Prepaid interest, second (3 days)$141.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 8 moOf the original 30-year loan at 3.78%
Interest already paid$64,144Through Dec 2026
Assumption only · ends Aug 2042$30,125
Assumption + second · ends Aug 2042, second Jan 2057$380,682
New conventional · ends Jan 2057$453,960