Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$948/mo
Lowest payment- Down payment
- $251,464
- Funds due
- $261,160
- Interest + MI left
- $28,966
- First ends
- Dec 2042
Assumption
Assumption + second
$2,496/mo
+$1,547/mo- Down payment
- $35,464
- Funds due
- $46,823
- Interest + MI left
- $370,048
- First ends
- Dec 2042
New loan
New conventional
$2,476/mo
+$1,528/mo- Down payment
- $35,464
- Funds due
- $43,998
- Interest + MI left
- $458,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,536 | $97,536 | $313,536 |
| Second mortgage | — | $216,000 | — |
| First P&I | $658.86 | $658.86 | $2,124.00 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $62.71 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $948.45 | $2,495.90 | $2,476.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,464
Closing costs & prepaids$11,359
Usable credit−$0
Total buyer cash needed$46,823
Earnest money paid−$0
Remaining funds due$46,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$487.68
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)$418.75
Prepaid interest, first (9 days)$81.53
Prepaid interest, second (9 days)$412.77
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 yrOf the original 30-year loan at 3.39%
Interest already paid$59,473Through Dec 2026
Assumption only · ends Dec 2042$28,966
Assumption + second · ends Dec 2042, second Jan 2057$370,048
New conventional · ends Jan 2057$458,379