Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$819/mo
Lowest payment- Down payment
- $272,076
- Funds due
- $281,647
- Interest + MI left
- $19,541
- First ends
- Sep 2041
Assumption
Assumption + second
$2,532/mo
+$1,712/mo- Down payment
- $33,076
- Funds due
- $44,354
- Interest + MI left
- $396,942
- First ends
- Sep 2041
New loan
New conventional
$2,446/mo
+$1,627/mo- Down payment
- $33,076
- Funds due
- $41,717
- Interest + MI left
- $426,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,924 | $52,924 | $291,924 |
| Second mortgage | — | $239,000 | — |
| First P&I | $409.41 | $409.41 | $1,977.59 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | — | — | $58.38 |
| Taxes, insurance & HOA | $410.00 | $410.00 | $410.00 |
| Total housing payment | $819.41 | $2,531.63 | $2,445.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,076
Closing costs & prepaids$11,278
Usable credit−$0
Total buyer cash needed$44,354
Earnest money paid−$0
Remaining funds due$44,354
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%)$264.62
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
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$58.59
Prepaid interest, second (9 days)$456.72
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 closing14 yr 9 moOf the original 30-year loan at 4.49%
Interest already paid$46,950Through Dec 2026
Assumption only · ends Sep 2041$19,541
Assumption + second · ends Sep 2041, second Jan 2057$396,942
New conventional · ends Jan 2057$426,783