Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,299/mo
Lowest payment- Down payment
- $302,899
- Funds due
- $314,089
- Interest + MI left
- $39,953
- First ends
- Jul 2043
Assumption
Assumption + second
$3,154/mo
+$1,856/mo- Down payment
- $43,899
- Funds due
- $56,834
- Interest + MI left
- $448,936
- First ends
- Jul 2043
New loan
New conventional
$3,152/mo
+$1,853/mo- Down payment
- $43,899
- Funds due
- $53,797
- Interest + MI left
- $564,320
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,001 | $127,001 | $386,001 |
| Second mortgage | — | $259,000 | — |
| First P&I | $838.97 | $838.97 | $2,614.91 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $77.20 |
| Taxes, insurance & HOA | $460.00 | $460.00 | $460.00 |
| Total housing payment | $1,298.97 | $3,154.47 | $3,152.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,899
Closing costs & prepaids$12,935
Usable credit−$0
Total buyer cash needed$56,834
Earnest money paid−$0
Remaining funds due$56,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$635.00
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)$516.00
Initial HOA (3 months)$414.00
Prepaid interest, first (9 days)$108.04
Prepaid interest, second (9 days)$494.94
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 closing16 yr 7 moOf the original 30-year loan at 3.45%
Interest already paid$74,074Through Dec 2026
Assumption only · ends Jul 2043$39,953
Assumption + second · ends Jul 2043, second Jan 2057$448,936
New conventional · ends Jan 2057$564,320