Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$927/mo
Lowest payment- Down payment
- $295,843
- Funds due
- $305,983
- Interest + MI left
- $27,159
- First ends
- Apr 2043
Assumption
Assumption + second
$2,769/mo
+$1,841/mo- Down payment
- $38,843
- Funds due
- $50,724
- Interest + MI left
- $432,983
- First ends
- Apr 2043
New loan
New conventional
$2,748/mo
+$1,821/mo- Down payment
- $38,843
- Funds due
- $47,894
- Interest + MI left
- $506,139
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,157 | $89,157 | $346,157 |
| Second mortgage | — | $257,000 | — |
| First P&I | $593.45 | $593.45 | $2,344.99 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $69.23 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $927.45 | $2,768.63 | $2,748.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,843
Closing costs & prepaids$11,882
Usable credit−$0
Total buyer cash needed$50,724
Earnest money paid−$0
Remaining funds due$50,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$445.79
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)$462.00
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$74.75
Prepaid interest, second (9 days)$491.12
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 4 moOf the original 30-year loan at 3.4%
Interest already paid$52,667Through Dec 2026
Assumption only · ends Apr 2043$27,159
Assumption + second · ends Apr 2043, second Jan 2057$432,983
New conventional · ends Jan 2057$506,139