Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $274,688
- Funds due
- $284,629
- Interest + MI left
- $26,805
- First ends
- Mar 2042
Assumption
Assumption + second
$2,679/mo
+$1,712/mo- Down payment
- $35,688
- Funds due
- $47,336
- Interest + MI left
- $404,206
- First ends
- Mar 2042
New loan
New conventional
$2,608/mo
+$1,642/mo- Down payment
- $35,688
- Funds due
- $44,564
- Interest + MI left
- $466,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,312 | $80,312 | $319,312 |
| Second mortgage | — | $239,000 | — |
| First P&I | $585.34 | $585.34 | $2,163.13 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | — | — | $63.86 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $966.34 | $2,678.56 | $2,607.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,688
Closing costs & prepaids$11,648
Usable credit−$0
Total buyer cash needed$47,336
Earnest money paid−$0
Remaining funds due$47,336
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%)$401.56
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
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$78.42
Prepaid interest, second (9 days)$456.72
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$60,717Through Dec 2026
Assumption only · ends Mar 2042$26,805
Assumption + second · ends Mar 2042, second Jan 2057$404,206
New conventional · ends Jan 2057$466,887