Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$909/mo
Lowest payment- Down payment
- $246,099
- Funds due
- $255,647
- Interest + MI left
- $28,761
- First ends
- May 2043
Assumption
Assumption + second
$2,427/mo
+$1,519/mo- Down payment
- $34,099
- Funds due
- $45,167
- Interest + MI left
- $363,527
- First ends
- May 2043
New loan
New conventional
$2,419/mo
+$1,511/mo- Down payment
- $34,099
- Funds due
- $42,352
- Interest + MI left
- $447,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,901 | $93,901 | $305,901 |
| Second mortgage | — | $212,000 | — |
| First P&I | $622.65 | $622.65 | $2,072.28 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $61.18 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $908.65 | $2,427.44 | $2,419.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,099
Closing costs & prepaids$11,068
Usable credit−$0
Total buyer cash needed$45,167
Earnest money paid−$0
Remaining funds due$45,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$469.50
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)$408.00
Prepaid interest, first (6 days)$52.48
Prepaid interest, second (6 days)$270.08
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 5 moOf the original 30-year loan at 3.4%
Interest already paid$54,992Through Dec 2026
Assumption only · ends May 2043$28,761
Assumption + second · ends May 2043, second Jan 2057$363,527
New conventional · ends Jan 2057$447,278