Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$873/mo
Lowest payment- Down payment
- $230,183
- Funds due
- $239,166
- Interest + MI left
- $24,892
- First ends
- Jan 2040
Assumption
Assumption + second
$2,306/mo
+$1,433/mo- Down payment
- $30,183
- Funds due
- $40,671
- Interest + MI left
- $340,709
- First ends
- Jan 2040
New loan
New conventional
$2,152/mo
+$1,279/mo- Down payment
- $30,183
- Funds due
- $37,985
- Interest + MI left
- $394,517
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,817 | $69,817 | $269,817 |
| Second mortgage | — | $200,000 | — |
| First P&I | $603.25 | $603.25 | $1,827.83 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | — | — | $53.96 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $873.25 | $2,306.07 | $2,151.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,183
Closing costs & prepaids$10,488
Usable credit−$0
Total buyer cash needed$40,671
Earnest money paid−$0
Remaining funds due$40,671
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$349.09
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)$360.00
Prepaid interest, first (6 days)$56.24
Prepaid interest, second (6 days)$254.79
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 closing13 yr 1 moOf the original 30-year loan at 4.9%
Interest already paid$78,612Through Dec 2026
Assumption only · ends Jan 2040$24,892
Assumption + second · ends Jan 2040, second Jan 2057$340,709
New conventional · ends Jan 2057$394,517