Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,378/mo
Lowest payment- Down payment
- $256,997
- Funds due
- $267,710
- Interest + MI left
- $49,107
- First ends
- Oct 2042
Assumption
Assumption + second
$2,918/mo
+$1,540/mo- Down payment
- $41,997
- Funds due
- $54,371
- Interest + MI left
- $388,610
- First ends
- Oct 2042
New loan
New conventional
$2,881/mo
+$1,503/mo- Down payment
- $41,997
- Funds due
- $51,246
- Interest + MI left
- $538,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,003 | $153,003 | $368,003 |
| Second mortgage | — | $215,000 | — |
| First P&I | $1,063.74 | $1,063.74 | $2,492.98 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $73.60 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,377.74 | $2,918.03 | $2,880.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,997
Closing costs & prepaids$12,375
Usable credit−$0
Total buyer cash needed$54,371
Earnest money paid−$0
Remaining funds due$54,371
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%)$765.02
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
Prepaid interest, first (9 days)$138.83
Prepaid interest, second (9 days)$410.86
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 10 moOf the original 30-year loan at 3.68%
Interest already paid$102,165Through Dec 2026
Assumption only · ends Oct 2042$49,107
Assumption + second · ends Oct 2042, second Jan 2057$388,610
New conventional · ends Jan 2057$538,008