Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$805/mo
Lowest payment- Down payment
- $272,128
- Funds due
- $281,811
- Interest + MI left
- $31,569
- First ends
- Jul 2045
Assumption
Assumption + second
$2,496/mo
+$1,691/mo- Down payment
- $36,128
- Funds due
- $47,512
- Interest + MI left
- $404,233
- First ends
- Jul 2045
New loan
New conventional
$2,516/mo
+$1,711/mo- Down payment
- $36,128
- Funds due
- $44,732
- Interest + MI left
- $466,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,872 | $82,872 | $318,872 |
| Second mortgage | — | $236,000 | — |
| First P&I | $513.19 | $513.19 | $2,160.15 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $63.77 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $805.19 | $2,495.92 | $2,515.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,128
Closing costs & prepaids$11,384
Usable credit−$0
Total buyer cash needed$47,512
Earnest money paid−$0
Remaining funds due$47,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$414.36
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)$426.00
Prepaid interest, first (9 days)$74.99
Prepaid interest, second (9 days)$450.99
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 closing18 yr 7 moOf the original 30-year loan at 3.67%
Interest already paid$41,273Through Dec 2026
Assumption only · ends Jul 2045$31,569
Assumption + second · ends Jul 2045, second Jan 2057$404,233
New conventional · ends Jan 2057$466,180