Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$902/mo
Lowest payment- Down payment
- $241,165
- Funds due
- $250,889
- Interest + MI left
- $40,768
- First ends
- Nov 2046
Assumption
Assumption + second
$2,378/mo
+$1,476/mo- Down payment
- $35,165
- Funds due
- $46,533
- Interest + MI left
- $366,060
- First ends
- Nov 2046
New loan
New conventional
$2,464/mo
+$1,561/mo- Down payment
- $35,165
- Funds due
- $43,677
- Interest + MI left
- $455,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,835 | $105,835 | $311,835 |
| Second mortgage | — | $206,000 | — |
| First P&I | $613.40 | $613.40 | $2,112.48 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | — | — | $62.37 |
| Taxes, insurance & HOA | $288.83 | $288.83 | $288.83 |
| Total housing payment | $902.23 | $2,378.04 | $2,463.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,165
Closing costs & prepaids$11,368
Usable credit−$0
Total buyer cash needed$46,533
Earnest money paid−$0
Remaining funds due$46,533
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,470.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$529.17
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)$416.50
Prepaid interest, first (9 days)$90.29
Prepaid interest, second (9 days)$393.66
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 closing19 yr 11 moOf the original 30-year loan at 3.46%
Interest already paid$42,773Through Dec 2026
Assumption only · ends Nov 2046$40,768
Assumption + second · ends Nov 2046, second Jan 2057$366,060
New conventional · ends Jan 2057$455,954