Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,245/mo
Lowest payment- Down payment
- $324,570
- Funds due
- $335,459
- Interest + MI left
- $28,931
- First ends
- May 2040
Assumption
Assumption + second
$3,251/mo
+$2,006/mo- Down payment
- $44,570
- Funds due
- $57,244
- Interest + MI left
- $471,075
- First ends
- May 2040
New loan
New conventional
$3,106/mo
+$1,861/mo- Down payment
- $44,570
- Funds due
- $54,244
- Interest + MI left
- $578,184
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,430 | $115,430 | $395,430 |
| Second mortgage | — | $280,000 | — |
| First P&I | $896.65 | $896.65 | $2,678.78 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $79.09 |
| Taxes, insurance & HOA | $348.33 | $348.33 | $348.33 |
| Total housing payment | $1,244.98 | $3,250.94 | $3,106.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,570
Closing costs & prepaids$12,673
Usable credit−$0
Total buyer cash needed$57,244
Earnest money paid−$0
Remaining funds due$57,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$577.15
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)$528.00
Initial HOA (3 months)$66.99
Prepaid interest, first (9 days)$98.19
Prepaid interest, second (9 days)$535.07
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 5 moOf the original 20-year loan at 3.45%
Interest already paid$30,972Through Dec 2026
Assumption only · ends May 2040$28,931
Assumption + second · ends May 2040, second Jan 2057$471,075
New conventional · ends Jan 2057$578,184