Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,160/mo
Lowest payment- Down payment
- $346,486
- Funds due
- $357,594
- Interest + MI left
- $34,945
- First ends
- Apr 2042
Assumption
Assumption + second
$3,316/mo
+$2,156/mo- Down payment
- $45,486
- Funds due
- $58,420
- Interest + MI left
- $510,249
- First ends
- Apr 2042
New loan
New conventional
$3,228/mo
+$2,069/mo- Down payment
- $45,486
- Funds due
- $55,444
- Interest + MI left
- $591,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,514 | $103,514 | $404,514 |
| Second mortgage | — | $301,000 | — |
| First P&I | $752.50 | $752.50 | $2,740.32 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | — | — | $80.90 |
| Taxes, insurance & HOA | $407.17 | $407.17 | $407.17 |
| Total housing payment | $1,159.67 | $3,316.07 | $3,228.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,486
Closing costs & prepaids$12,934
Usable credit−$0
Total buyer cash needed$58,420
Earnest money paid−$0
Remaining funds due$58,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$517.57
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)$540.00
Initial HOA (3 months)$231.51
Prepaid interest, first (9 days)$101.59
Prepaid interest, second (9 days)$575.20
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 4 moOf the original 30-year loan at 3.98%
Interest already paid$77,954Through Dec 2026
Assumption only · ends Apr 2042$34,945
Assumption + second · ends Apr 2042, second Jan 2057$510,249
New conventional · ends Jan 2057$591,466