Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$774/mo
Lowest payment- Down payment
- $287,246
- Funds due
- $296,767
- Interest + MI left
- $23,001
- First ends
- Sep 2041
Assumption
Assumption + second
$2,580/mo
+$1,805/mo- Down payment
- $35,246
- Funds due
- $46,499
- Interest + MI left
- $420,930
- First ends
- Sep 2041
New loan
New conventional
$2,485/mo
+$1,711/mo- Down payment
- $35,246
- Funds due
- $43,796
- Interest + MI left
- $460,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,754 | $62,754 | $314,754 |
| Second mortgage | — | $252,000 | — |
| First P&I | $484.49 | $484.49 | $2,132.25 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | — | — | $62.95 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $774.49 | $2,579.85 | $2,485.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,246
Closing costs & prepaids$11,252
Usable credit−$0
Total buyer cash needed$46,499
Earnest money paid−$0
Remaining funds due$46,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$313.77
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)$420.00
Prepaid interest, first (9 days)$69.01
Prepaid interest, second (9 days)$481.56
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 4.46%
Interest already paid$55,346Through Dec 2026
Assumption only · ends Sep 2041$23,001
Assumption + second · ends Sep 2041, second Jan 2057$420,930
New conventional · ends Jan 2057$460,222