Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$893/mo
Lowest payment- Down payment
- $222,776
- Funds due
- $232,063
- Interest + MI left
- $29,421
- First ends
- May 2043
Assumption
Assumption + second
$2,295/mo
+$1,401/mo- Down payment
- $31,776
- Funds due
- $42,690
- Interest + MI left
- $342,957
- First ends
- May 2043
New loan
New conventional
$2,251/mo
+$1,358/mo- Down payment
- $31,776
- Funds due
- $39,913
- Interest + MI left
- $414,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,224 | $92,224 | $283,224 |
| Second mortgage | — | $191,000 | — |
| First P&I | $617.49 | $617.49 | $1,918.66 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $56.64 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $893.49 | $2,294.98 | $2,251.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,776
Closing costs & prepaids$10,914
Usable credit−$0
Total buyer cash needed$42,690
Earnest money paid−$0
Remaining funds due$42,690
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$461.12
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)$378.00
Prepaid interest, first (9 days)$80.27
Prepaid interest, second (9 days)$376.77
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 5 moOf the original 30-year loan at 3.53%
Interest already paid$55,875Through Dec 2026
Assumption only · ends May 2043$29,421
Assumption + second · ends May 2043, second Jan 2057$342,957
New conventional · ends Jan 2057$414,120