Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$795/mo
Lowest payment- Down payment
- $319,192
- Funds due
- $328,934
- Interest + MI left
- $18,945
- First ends
- Jul 2039
Assumption
Assumption + second
$2,808/mo
+$2,013/mo- Down payment
- $38,192
- Funds due
- $49,542
- Interest + MI left
- $462,668
- First ends
- Jul 2039
New loan
New conventional
$2,649/mo
+$1,854/mo- Down payment
- $38,192
- Funds due
- $46,833
- Interest + MI left
- $492,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,808 | $55,808 | $336,808 |
| Second mortgage | — | $281,000 | — |
| First P&I | $495.05 | $495.05 | $2,281.65 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | — | — | $67.36 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $795.05 | $2,808.17 | $2,649.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,192
Closing costs & prepaids$11,350
Usable credit−$0
Total buyer cash needed$49,542
Earnest money paid−$0
Remaining funds due$49,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$279.04
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)$450.00
Prepaid interest, first (6 days)$44.68
Prepaid interest, second (6 days)$357.99
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 closing12 yr 7 moOf the original 30-year loan at 4.87%
Interest already paid$65,675Through Dec 2026
Assumption only · ends Jul 2039$18,945
Assumption + second · ends Jul 2039, second Jan 2057$462,668
New conventional · ends Jan 2057$492,402