Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,221/mo
Lowest payment- Down payment
- $329,239
- Funds due
- $340,619
- Interest + MI left
- $44,956
- First ends
- Apr 2045
Assumption
Assumption + second
$3,256/mo
+$2,035/mo- Down payment
- $45,239
- Funds due
- $58,412
- Interest + MI left
- $493,416
- First ends
- Apr 2045
New loan
New conventional
$3,284/mo
+$2,062/mo- Down payment
- $45,239
- Funds due
- $55,388
- Interest + MI left
- $587,295
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,661 | $117,661 | $401,661 |
| Second mortgage | — | $284,000 | — |
| First P&I | $739.17 | $739.17 | $2,720.99 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | — | — | $80.33 |
| Taxes, insurance & HOA | $482.25 | $482.25 | $482.25 |
| Total housing payment | $1,221.42 | $3,256.03 | $3,283.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,239
Closing costs & prepaids$13,173
Usable credit−$0
Total buyer cash needed$58,412
Earnest money paid−$0
Remaining funds due$58,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,469.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$588.31
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)$536.25
Initial HOA (3 months)$460.50
Prepaid interest, first (9 days)$108.22
Prepaid interest, second (9 days)$542.71
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 4 moOf the original 30-year loan at 3.73%
Interest already paid$61,145Through Dec 2026
Assumption only · ends Apr 2045$44,956
Assumption + second · ends Apr 2045, second Jan 2057$493,416
New conventional · ends Jan 2057$587,295