Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,513/mo
Lowest payment- Down payment
- $251,122
- Funds due
- $262,497
- Interest + MI left
- $59,929
- First ends
- May 2045
Assumption
Assumption + second
$3,018/mo
+$1,504/mo- Down payment
- $41,122
- Funds due
- $54,148
- Interest + MI left
- $391,537
- First ends
- May 2045
New loan
New conventional
$3,096/mo
+$1,583/mo- Down payment
- $41,122
- Funds due
- $51,008
- Interest + MI left
- $539,361
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,878 | $158,878 | $368,878 |
| Second mortgage | — | $210,000 | — |
| First P&I | $990.08 | $990.08 | $2,498.91 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $73.78 |
| Taxes, insurance & HOA | $523.00 | $523.00 | $523.00 |
| Total housing payment | $1,513.08 | $3,017.54 | $3,095.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,122
Closing costs & prepaids$13,026
Usable credit−$0
Total buyer cash needed$54,148
Earnest money paid−$0
Remaining funds due$54,148
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%)$794.39
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)$627.00
Prepaid interest, first (9 days)$143.77
Prepaid interest, second (9 days)$401.30
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 5 moOf the original 30-year loan at 3.67%
Interest already paid$80,602Through Dec 2026
Assumption only · ends May 2045$59,929
Assumption + second · ends May 2045, second Jan 2057$391,537
New conventional · ends Jan 2057$539,361