Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,584/mo
Lowest payment- Down payment
- $214,324
- Funds due
- $225,113
- Interest + MI left
- $57,638
- First ends
- Nov 2042
Assumption
Assumption + second
$2,861/mo
+$1,277/mo- Down payment
- $40,324
- Funds due
- $52,706
- Interest + MI left
- $343,268
- First ends
- Nov 2042
New loan
New conventional
$2,818/mo
+$1,235/mo- Down payment
- $40,324
- Funds due
- $49,463
- Interest + MI left
- $525,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,675 | $185,675 | $359,675 |
| Second mortgage | — | $174,000 | — |
| First P&I | $1,273.89 | $1,273.89 | $2,436.56 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $71.94 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,583.89 | $2,860.64 | $2,818.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,324
Closing costs & prepaids$12,382
Usable credit−$0
Total buyer cash needed$52,706
Earnest money paid−$0
Remaining funds due$52,706
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%)$928.37
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)$162.53
Prepaid interest, second (9 days)$343.23
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 11 moOf the original 30-year loan at 3.55%
Interest already paid$119,029Through Dec 2026
Assumption only · ends Nov 2042$57,638
Assumption + second · ends Nov 2042, second Jan 2057$343,268
New conventional · ends Jan 2057$525,904