Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$956/mo
Lowest payment- Down payment
- $330,092
- Funds due
- $340,560
- Interest + MI left
- $26,670
- First ends
- Mar 2042
Assumption
Assumption + second
$3,027/mo
+$2,070/mo- Down payment
- $41,092
- Funds due
- $53,362
- Interest + MI left
- $483,025
- First ends
- Mar 2042
New loan
New conventional
$2,947/mo
+$1,991/mo- Down payment
- $41,092
- Funds due
- $50,531
- Interest + MI left
- $539,405
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,908 | $79,908 | $368,908 |
| Second mortgage | — | $289,000 | — |
| First P&I | $582.39 | $582.39 | $2,499.11 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | — | — | $73.78 |
| Taxes, insurance & HOA | $374.00 | $374.00 | $374.00 |
| Total housing payment | $956.39 | $3,026.82 | $2,946.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,092
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$53,362
Earnest money paid−$0
Remaining funds due$53,362
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$399.54
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)$492.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$78.03
Prepaid interest, second (9 days)$552.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.96%
Interest already paid$60,411Through Dec 2026
Assumption only · ends Mar 2042$26,670
Assumption + second · ends Mar 2042, second Jan 2057$483,025
New conventional · ends Jan 2057$539,405