Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$874/mo
Lowest payment- Down payment
- $316,673
- Funds due
- $326,819
- Interest + MI left
- $24,947
- First ends
- Oct 2042
Assumption
Assumption + second
$2,851/mo
+$1,977/mo- Down payment
- $40,673
- Funds due
- $52,420
- Interest + MI left
- $460,774
- First ends
- Oct 2042
New loan
New conventional
$2,809/mo
+$1,934/mo- Down payment
- $40,673
- Funds due
- $49,583
- Interest + MI left
- $523,862
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,327 | $82,327 | $358,327 |
| Second mortgage | — | $276,000 | — |
| First P&I | $564.60 | $564.60 | $2,427.43 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | — | — | $71.67 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $874.18 | $2,851.48 | $2,808.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,673
Closing costs & prepaids$11,747
Usable credit−$0
Total buyer cash needed$52,420
Earnest money paid−$0
Remaining funds due$52,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$411.63
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)$478.75
Prepaid interest, first (6 days)$47.23
Prepaid interest, second (6 days)$351.62
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 10 moOf the original 30-year loan at 3.49%
Interest already paid$52,419Through Dec 2026
Assumption only · ends Oct 2042$24,947
Assumption + second · ends Oct 2042, second Jan 2057$460,774
New conventional · ends Jan 2057$523,862