Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,102/mo
Lowest payment- Down payment
- $311,523
- Funds due
- $321,783
- Interest + MI left
- $35,988
- First ends
- Jan 2040
Assumption
Assumption + second
$3,044/mo
+$1,941/mo- Down payment
- $40,523
- Funds due
- $52,550
- Interest + MI left
- $463,919
- First ends
- Jan 2040
New loan
New conventional
$2,816/mo
+$1,714/mo- Down payment
- $40,523
- Funds due
- $49,658
- Interest + MI left
- $525,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,377 | $88,377 | $359,377 |
| Second mortgage | — | $271,000 | — |
| First P&I | $792.13 | $792.13 | $2,434.54 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,102.13 | $3,043.61 | $2,816.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,523
Closing costs & prepaids$12,027
Usable credit−$0
Total buyer cash needed$52,550
Earnest money paid−$0
Remaining funds due$52,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$441.88
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
Prepaid interest, first (9 days)$120.51
Prepaid interest, second (9 days)$517.87
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 closing13 yr 1 moOf the original 30-year loan at 5.53%
Interest already paid$110,129Through Dec 2026
Assumption only · ends Jan 2040$35,988
Assumption + second · ends Jan 2040, second Jan 2057$463,919
New conventional · ends Jan 2057$525,469