Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$960/mo
Lowest payment- Down payment
- $305,399
- Funds due
- $315,717
- Interest + MI left
- $40,934
- First ends
- Jan 2045
Assumption
Assumption + second
$2,851/mo
+$1,891/mo- Down payment
- $41,399
- Funds due
- $53,303
- Interest + MI left
- $457,812
- First ends
- Jan 2045
New loan
New conventional
$2,848/mo
+$1,888/mo- Down payment
- $41,399
- Funds due
- $50,375
- Interest + MI left
- $531,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,601 | $99,601 | $363,601 |
| Second mortgage | — | $264,000 | — |
| First P&I | $647.63 | $647.63 | $2,463.16 |
| Second P&I | — | $1,891.33 | — |
| Mortgage insurance | — | — | $72.72 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $959.63 | $2,850.96 | $2,847.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,399
Closing costs & prepaids$11,904
Usable credit−$0
Total buyer cash needed$53,303
Earnest money paid−$0
Remaining funds due$53,303
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%)$498.01
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
Prepaid interest, first (6 days)$66.15
Prepaid interest, second (6 days)$336.33
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 1 moOf the original 30-year loan at 4.04%
Interest already paid$57,212Through Dec 2026
Assumption only · ends Jan 2045$40,934
Assumption + second · ends Jan 2045, second Jan 2057$457,812
New conventional · ends Jan 2057$531,572