Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,219/mo
Lowest payment- Down payment
- $284,910
- Funds due
- $295,808
- Interest + MI left
- $59,802
- First ends
- Apr 2046
Assumption
Assumption + second
$2,946/mo
+$1,727/mo- Down payment
- $43,910
- Funds due
- $56,365
- Interest + MI left
- $440,361
- First ends
- Apr 2046
New loan
New conventional
$3,037/mo
+$1,818/mo- Down payment
- $43,910
- Funds due
- $53,205
- Interest + MI left
- $568,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,090 | $148,090 | $389,090 |
| Second mortgage | — | $241,000 | — |
| First P&I | $896.09 | $896.09 | $2,635.83 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | — | — | $77.82 |
| Taxes, insurance & HOA | $323.17 | $323.17 | $323.17 |
| Total housing payment | $1,219.25 | $2,945.81 | $3,036.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,910
Closing costs & prepaids$12,456
Usable credit−$0
Total buyer cash needed$56,365
Earnest money paid−$0
Remaining funds due$56,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,330.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$740.45
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)$519.50
Prepaid interest, first (6 days)$90.56
Prepaid interest, second (6 days)$307.03
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 closing19 yr 4 moOf the original 30-year loan at 3.72%
Interest already paid$68,585Through Dec 2026
Assumption only · ends Apr 2046$59,802
Assumption + second · ends Apr 2046, second Jan 2057$440,361
New conventional · ends Jan 2057$568,914