Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$842/mo
Lowest payment- Down payment
- $237,199
- Funds due
- $246,581
- Interest + MI left
- $35,356
- First ends
- Mar 2045
Assumption
Assumption + second
$2,304/mo
+$1,461/mo- Down payment
- $33,199
- Funds due
- $44,221
- Interest + MI left
- $357,489
- First ends
- Mar 2045
New loan
New conventional
$2,315/mo
+$1,473/mo- Down payment
- $33,199
- Funds due
- $41,449
- Interest + MI left
- $426,603
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,801 | $87,801 | $291,801 |
| Second mortgage | — | $204,000 | — |
| First P&I | $562.36 | $562.36 | $1,976.76 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $58.36 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $842.36 | $2,303.84 | $2,315.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,199
Closing costs & prepaids$11,022
Usable credit−$0
Total buyer cash needed$44,221
Earnest money paid−$0
Remaining funds due$44,221
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$439.01
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)$390.00
Prepaid interest, first (9 days)$85.08
Prepaid interest, second (9 days)$389.84
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 3 moOf the original 30-year loan at 3.93%
Interest already paid$48,299Through Dec 2026
Assumption only · ends Mar 2045$35,356
Assumption + second · ends Mar 2045, second Jan 2057$357,489
New conventional · ends Jan 2057$426,603