Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,165/mo
Lowest payment- Down payment
- $293,291
- Funds due
- $303,907
- Interest + MI left
- $35,658
- First ends
- Jul 2042
Assumption
Assumption + second
$2,978/mo
+$1,813/mo- Down payment
- $40,291
- Funds due
- $52,640
- Interest + MI left
- $435,166
- First ends
- Jul 2042
New loan
New conventional
$2,913/mo
+$1,747/mo- Down payment
- $40,291
- Funds due
- $49,712
- Interest + MI left
- $525,953
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,708 | $106,708 | $359,708 |
| Second mortgage | — | $253,000 | — |
| First P&I | $761.32 | $761.32 | $2,436.79 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | — | — | $71.94 |
| Taxes, insurance & HOA | $404.00 | $404.00 | $404.00 |
| Total housing payment | $1,165.32 | $2,977.84 | $2,912.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,291
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$52,640
Earnest money paid−$0
Remaining funds due$52,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$533.54
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)$480.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$102.09
Prepaid interest, second (9 days)$483.47
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 7 moOf the original 30-year loan at 3.88%
Interest already paid$76,614Through Dec 2026
Assumption only · ends Jul 2042$35,658
Assumption + second · ends Jul 2042, second Jan 2057$435,166
New conventional · ends Jan 2057$525,953