Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,071/mo
Lowest payment- Down payment
- $303,159
- Funds due
- $313,950
- Interest + MI left
- $35,519
- First ends
- Jun 2045
Assumption
Assumption + second
$2,940/mo
+$1,870/mo- Down payment
- $42,159
- Funds due
- $54,699
- Interest + MI left
- $447,660
- First ends
- Jun 2045
New loan
New conventional
$3,019/mo
+$1,949/mo- Down payment
- $42,159
- Funds due
- $51,734
- Interest + MI left
- $552,320
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,741 | $116,741 | $377,741 |
| Second mortgage | — | $261,000 | — |
| First P&I | $685.86 | $685.86 | $2,558.95 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | — | — | $75.55 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $1,070.53 | $2,940.36 | $3,019.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,159
Closing costs & prepaids$12,540
Usable credit−$0
Total buyer cash needed$54,699
Earnest money paid−$0
Remaining funds due$54,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$583.71
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)$504.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$86.36
Prepaid interest, second (9 days)$498.76
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 closing18 yr 6 moOf the original 24-year loan at 3%
Interest already paid$21,322Through Dec 2026
Assumption only · ends Jun 2045$35,519
Assumption + second · ends Jun 2045, second Jan 2057$447,660
New conventional · ends Jan 2057$552,320