Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,151/mo
Lowest payment- Down payment
- $391,264
- Funds due
- $403,086
- Interest + MI left
- $35,294
- First ends
- Apr 2043
Assumption
Assumption + second
$3,587/mo
+$2,436/mo- Down payment
- $51,264
- Funds due
- $64,769
- Interest + MI left
- $572,182
- First ends
- Apr 2043
New loan
New conventional
$3,563/mo
+$2,412/mo- Down payment
- $51,264
- Funds due
- $61,667
- Interest + MI left
- $669,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,736 | $117,736 | $457,736 |
| Second mortgage | — | $340,000 | — |
| First P&I | $780.76 | $780.76 | $3,100.86 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | — | — | $91.55 |
| Taxes, insurance & HOA | $370.25 | $370.25 | $370.25 |
| Total housing payment | $1,151.01 | $3,586.82 | $3,562.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,264
Closing costs & prepaids$13,505
Usable credit−$0
Total buyer cash needed$64,769
Earnest money paid−$0
Remaining funds due$64,769
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$588.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$610.75
Prepaid interest, first (6 days)$64.84
Prepaid interest, second (6 days)$433.15
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 closing16 yr 4 moOf the original 30-year loan at 3.35%
Interest already paid$68,622Through Dec 2026
Assumption only · ends Apr 2043$35,294
Assumption + second · ends Apr 2043, second Jan 2057$572,182
New conventional · ends Jan 2057$669,286