Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$977/mo
Lowest payment- Down payment
- $261,575
- Funds due
- $271,744
- Interest + MI left
- $17,918
- First ends
- Jun 2045
Assumption
Assumption + second
$2,625/mo
+$1,648/mo- Down payment
- $31,575
- Funds due
- $43,238
- Interest + MI left
- $381,107
- First ends
- Jun 2045
New loan
New conventional
$2,620/mo
+$1,643/mo- Down payment
- $31,575
- Funds due
- $40,644
- Interest + MI left
- $407,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,425 | $48,425 | $278,425 |
| Second mortgage | — | $230,000 | — |
| First P&I | $298.84 | $298.84 | $1,886.15 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $55.69 |
| Taxes, insurance & HOA | $678.50 | $678.50 | $678.50 |
| Total housing payment | $977.34 | $2,625.09 | $2,620.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,575
Closing costs & prepaids$11,664
Usable credit−$0
Total buyer cash needed$43,238
Earnest money paid−$0
Remaining funds due$43,238
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$242.13
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)$790.50
Initial HOA (3 months)$795.00
Prepaid interest, first (5 days)$23.81
Prepaid interest, second (5 days)$244.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 3.59%
Interest already paid$23,853Through Dec 2026
Assumption only · ends Jun 2045$17,918
Assumption + second · ends Jun 2045, second Jan 2057$381,107
New conventional · ends Jan 2057$407,048