Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$790/mo
Lowest payment- Down payment
- $323,179
- Funds due
- $333,401
- Interest + MI left
- $31,318
- First ends
- Nov 2046
Assumption
Assumption + second
$2,810/mo
+$2,020/mo- Down payment
- $41,179
- Funds due
- $53,010
- Interest + MI left
- $476,620
- First ends
- Nov 2046
New loan
New conventional
$2,854/mo
+$2,064/mo- Down payment
- $41,179
- Funds due
- $50,170
- Interest + MI left
- $531,894
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,821 | $81,821 | $363,821 |
| Second mortgage | — | $282,000 | — |
| First P&I | $473.38 | $473.38 | $2,464.65 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | — | — | $72.76 |
| Taxes, insurance & HOA | $316.17 | $316.17 | $316.17 |
| Total housing payment | $789.55 | $2,809.84 | $2,853.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,179
Closing costs & prepaids$11,831
Usable credit−$0
Total buyer cash needed$53,010
Earnest money paid−$0
Remaining funds due$53,010
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$409.11
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)$486.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$46.27
Prepaid interest, second (6 days)$359.26
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 closing19 yr 11 moOf the original 30-year loan at 3.44%
Interest already paid$32,890Through Dec 2026
Assumption only · ends Nov 2046$31,318
Assumption + second · ends Nov 2046, second Jan 2057$476,620
New conventional · ends Jan 2057$531,894