Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$986/mo
Lowest payment- Down payment
- $302,489
- Funds due
- $312,724
- Interest + MI left
- $16,705
- First ends
- Mar 2040
Assumption
Assumption + second
$2,884/mo
+$1,898/mo- Down payment
- $37,489
- Funds due
- $49,481
- Interest + MI left
- $435,163
- First ends
- Mar 2040
New loan
New conventional
$2,775/mo
+$1,789/mo- Down payment
- $37,489
- Funds due
- $46,754
- Interest + MI left
- $484,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,511 | $66,511 | $331,511 |
| Second mortgage | — | $265,000 | — |
| First P&I | $523.38 | $523.38 | $2,245.77 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $66.30 |
| Taxes, insurance & HOA | $462.58 | $462.58 | $462.58 |
| Total housing payment | $985.96 | $2,884.45 | $2,774.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,489
Closing costs & prepaids$11,992
Usable credit−$0
Total buyer cash needed$49,481
Earnest money paid−$0
Remaining funds due$49,481
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$332.56
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)$442.75
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$57.40
Prepaid interest, second (9 days)$506.40
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 closing13 yr 3 moOf the original 30-year loan at 3.5%
Interest already paid$55,157Through Dec 2026
Assumption only · ends Mar 2040$16,705
Assumption + second · ends Mar 2040, second Jan 2057$435,163
New conventional · ends Jan 2057$484,658