Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,333/mo
Lowest payment- Down payment
- $256,075
- Funds due
- $266,915
- Interest + MI left
- $62,446
- First ends
- Jul 2045
Assumption
Assumption + second
$2,866/mo
+$1,533/mo- Down payment
- $42,075
- Funds due
- $54,438
- Interest + MI left
- $400,370
- First ends
- Jul 2045
New loan
New conventional
$2,954/mo
+$1,621/mo- Down payment
- $42,075
- Funds due
- $51,229
- Interest + MI left
- $552,589
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,925 | $163,925 | $377,925 |
| Second mortgage | — | $214,000 | — |
| First P&I | $1,015.12 | $1,015.12 | $2,560.20 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $75.59 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,333.12 | $2,866.24 | $2,953.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,075
Closing costs & prepaids$12,363
Usable credit−$0
Total buyer cash needed$54,438
Earnest money paid−$0
Remaining funds due$54,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$819.63
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)$504.00
Prepaid interest, first (6 days)$98.89
Prepaid interest, second (6 days)$272.63
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 closing18 yr 7 moOf the original 30-year loan at 3.67%
Interest already paid$81,639Through Dec 2026
Assumption only · ends Jul 2045$62,446
Assumption + second · ends Jul 2045, second Jan 2057$400,370
New conventional · ends Jan 2057$552,589