Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$906/mo
Lowest payment- Down payment
- $304,967
- Funds due
- $315,016
- Interest + MI left
- $17,568
- First ends
- Mar 2041
Assumption
Assumption + second
$2,804/mo
+$1,898/mo- Down payment
- $39,967
- Funds due
- $51,604
- Interest + MI left
- $436,025
- First ends
- Mar 2041
New loan
New conventional
$2,747/mo
+$1,841/mo- Down payment
- $39,967
- Funds due
- $48,773
- Interest + MI left
- $511,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,033 | $85,033 | $350,033 |
| Second mortgage | — | $265,000 | — |
| First P&I | $600.00 | $600.00 | $2,371.25 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $70.01 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $906.00 | $2,804.50 | $2,747.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,967
Closing costs & prepaids$11,637
Usable credit−$0
Total buyer cash needed$51,604
Earnest money paid−$0
Remaining funds due$51,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$425.16
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)$468.00
Prepaid interest, first (6 days)$37.88
Prepaid interest, second (6 days)$337.60
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 closing14 yr 3 moOf the original 20-year loan at 2.71%
Interest already paid$15,361Through Dec 2026
Assumption only · ends Mar 2041$17,568
Assumption + second · ends Mar 2041, second Jan 2057$436,025
New conventional · ends Jan 2057$511,736