Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$630/mo
Lowest payment- Down payment
- $288,665
- Funds due
- $298,171
- Interest + MI left
- $7,834
- First ends
- Jul 2047
Assumption
Assumption + second
$2,478/mo
+$1,848/mo- Down payment
- $30,665
- Funds due
- $41,750
- Interest + MI left
- $415,238
- First ends
- Jul 2047
New loan
New conventional
$2,445/mo
+$1,815/mo- Down payment
- $30,665
- Funds due
- $39,303
- Interest + MI left
- $401,123
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,335 | $16,335 | $274,335 |
| Second mortgage | — | $258,000 | — |
| First P&I | $97.85 | $97.85 | $1,858.44 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $54.87 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $629.85 | $2,478.20 | $2,445.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,665
Closing costs & prepaids$11,085
Usable credit−$0
Total buyer cash needed$41,750
Earnest money paid−$0
Remaining funds due$41,750
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$81.68
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)$366.00
Initial HOA (3 months)$780.00
Prepaid interest, first (6 days)$10.96
Prepaid interest, second (6 days)$328.68
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 closing20 yr 7 moOf the original 30-year loan at 4.08%
Interest already paid$7,093Through Dec 2026
Assumption only · ends Jul 2047$7,834
Assumption + second · ends Jul 2047, second Jan 2057$415,238
New conventional · ends Jan 2057$401,123