Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,034/mo
Lowest payment- Down payment
- $266,842
- Funds due
- $277,025
- Interest + MI left
- $37,370
- First ends
- Sep 2044
Assumption
Assumption + second
$2,668/mo
+$1,633/mo- Down payment
- $38,842
- Funds due
- $50,566
- Interest + MI left
- $397,402
- First ends
- Sep 2044
New loan
New conventional
$2,718/mo
+$1,684/mo- Down payment
- $38,842
- Funds due
- $47,599
- Interest + MI left
- $506,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,158 | $118,158 | $346,158 |
| Second mortgage | — | $228,000 | — |
| First P&I | $730.18 | $730.18 | $2,344.99 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $69.23 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,034.18 | $2,667.60 | $2,718.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,842
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$50,566
Earnest money paid−$0
Remaining funds due$50,566
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%)$590.79
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
Prepaid interest, first (6 days)$62.93
Prepaid interest, second (6 days)$290.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing17 yr 9 moOf the original 25-year loan at 3.24%
Interest already paid$31,684Through Dec 2026
Assumption only · ends Sep 2044$37,370
Assumption + second · ends Sep 2044, second Jan 2057$397,402
New conventional · ends Jan 2057$506,140