Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,192/mo
Lowest payment- Down payment
- $318,516
- Funds due
- $329,393
- Interest + MI left
- $39,154
- First ends
- Sep 2042
Assumption
Assumption + second
$3,155/mo
+$1,963/mo- Down payment
- $44,516
- Funds due
- $56,992
- Interest + MI left
- $471,823
- First ends
- Sep 2042
New loan
New conventional
$3,095/mo
+$1,903/mo- Down payment
- $44,516
- Funds due
- $53,952
- Interest + MI left
- $573,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,484 | $118,484 | $392,484 |
| Second mortgage | — | $274,000 | — |
| First P&I | $834.06 | $834.06 | $2,658.82 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | — | — | $78.50 |
| Taxes, insurance & HOA | $357.50 | $357.50 | $357.50 |
| Total housing payment | $1,191.57 | $3,154.54 | $3,094.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,516
Closing costs & prepaids$12,476
Usable credit−$0
Total buyer cash needed$56,992
Earnest money paid−$0
Remaining funds due$56,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$592.42
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)$524.50
Initial HOA (3 months)$98.01
Prepaid interest, first (6 days)$74.01
Prepaid interest, second (6 days)$349.07
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 closing15 yr 9 moOf the original 30-year loan at 3.8%
Interest already paid$82,109Through Dec 2026
Assumption only · ends Sep 2042$39,154
Assumption + second · ends Sep 2042, second Jan 2057$471,823
New conventional · ends Jan 2057$573,798