Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,271/mo
Lowest payment- Down payment
- $325,670
- Funds due
- $337,422
- Interest + MI left
- $59,562
- First ends
- Oct 2046
Assumption
Assumption + second
$3,256/mo
+$1,984/mo- Down payment
- $48,670
- Funds due
- $62,025
- Interest + MI left
- $496,968
- First ends
- Oct 2046
New loan
New conventional
$3,388/mo
+$2,116/mo- Down payment
- $48,670
- Funds due
- $58,782
- Interest + MI left
- $634,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,830 | $156,830 | $433,830 |
| Second mortgage | — | $277,000 | — |
| First P&I | $909.21 | $909.21 | $2,938.92 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | — | — | $86.77 |
| Taxes, insurance & HOA | $362.17 | $362.17 | $362.17 |
| Total housing payment | $1,271.38 | $3,255.84 | $3,387.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,670
Closing costs & prepaids$13,355
Usable credit−$0
Total buyer cash needed$62,025
Earnest money paid−$0
Remaining funds due$62,025
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,825.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$784.15
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$579.00
Initial HOA (3 months)$7.50
Prepaid interest, first (6 days)$88.43
Prepaid interest, second (6 days)$352.89
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 10 moOf the original 30-year loan at 3.43%
Interest already paid$63,504Through Dec 2026
Assumption only · ends Oct 2046$59,562
Assumption + second · ends Oct 2046, second Jan 2057$496,968
New conventional · ends Jan 2057$634,331