Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $282,050
- Funds due
- $292,545
- Interest + MI left
- $15,725
- First ends
- Apr 2034
Assumption
Assumption + second
$3,327/mo
+$1,770/mo- Down payment
- $35,050
- Funds due
- $47,110
- Interest + MI left
- $405,759
- First ends
- Apr 2034
New loan
New conventional
$2,804/mo
+$1,246/mo- Down payment
- $35,050
- Funds due
- $44,369
- Interest + MI left
- $460,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,850 | $67,850 | $314,850 |
| Second mortgage | — | $247,000 | — |
| First P&I | $949.72 | $949.72 | $2,132.90 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $62.97 |
| Taxes, insurance & HOA | $608.00 | $608.00 | $608.00 |
| Total housing payment | $1,557.72 | $3,327.26 | $2,803.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,050
Closing costs & prepaids$12,060
Usable credit−$0
Total buyer cash needed$47,110
Earnest money paid−$0
Remaining funds due$47,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$339.25
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)$420.00
Initial HOA (3 months)$954.00
Prepaid interest, first (6 days)$65.14
Prepaid interest, second (6 days)$314.67
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 closing7 yr 4 moOf the original 30-year loan at 5.84%
Interest already paid$165,014Through Dec 2026
Assumption only · ends Apr 2034$15,725
Assumption + second · ends Apr 2034, second Jan 2057$405,759
New conventional · ends Jan 2057$460,363