Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,232/mo
Lowest payment- Down payment
- $250,115
- Funds due
- $260,512
- Interest + MI left
- $40,867
- First ends
- Mar 2043
Assumption
Assumption + second
$2,744/mo
+$1,512/mo- Down payment
- $39,115
- Funds due
- $51,165
- Interest + MI left
- $374,054
- First ends
- Mar 2043
New loan
New conventional
$2,752/mo
+$1,520/mo- Down payment
- $39,115
- Funds due
- $48,137
- Interest + MI left
- $512,906
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,785 | $139,785 | $350,785 |
| Second mortgage | — | $211,000 | — |
| First P&I | $926.42 | $926.42 | $2,376.34 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $70.16 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,232.42 | $2,744.05 | $2,752.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,115
Closing costs & prepaids$12,051
Usable credit−$0
Total buyer cash needed$51,165
Earnest money paid−$0
Remaining funds due$51,165
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$698.93
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)$468.00
Prepaid interest, first (9 days)$113.40
Prepaid interest, second (9 days)$403.21
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 closing16 yr 3 moOf the original 30-year loan at 3.29%
Interest already paid$80,845Through Dec 2026
Assumption only · ends Mar 2043$40,867
Assumption + second · ends Mar 2043, second Jan 2057$374,054
New conventional · ends Jan 2057$512,906