Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,159/mo
Lowest payment- Down payment
- $325,423
- Funds due
- $336,761
- Interest + MI left
- $41,403
- First ends
- Oct 2047
Assumption
Assumption + second
$3,186/mo
+$2,027/mo- Down payment
- $42,423
- Funds due
- $55,432
- Interest + MI left
- $488,284
- First ends
- Oct 2047
New loan
New conventional
$3,233/mo
+$2,075/mo- Down payment
- $42,423
- Funds due
- $52,542
- Interest + MI left
- $544,695
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,577 | $89,577 | $372,577 |
| Second mortgage | — | $283,000 | — |
| First P&I | $523.92 | $523.92 | $2,523.97 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | — | — | $74.52 |
| Taxes, insurance & HOA | $635.00 | $635.00 | $635.00 |
| Total housing payment | $1,158.92 | $3,186.37 | $3,233.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,423
Closing costs & prepaids$13,009
Usable credit−$0
Total buyer cash needed$55,432
Earnest money paid−$0
Remaining funds due$55,432
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$447.88
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)$498.00
Initial HOA (3 months)$957.00
Prepaid interest, first (7 days)$67.00
Prepaid interest, second (7 days)$420.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 10 moOf the original 30-year loan at 3.9%
Interest already paid$36,130Through Dec 2026
Assumption only · ends Oct 2047$41,403
Assumption + second · ends Oct 2047, second Jan 2057$488,284
New conventional · ends Jan 2057$544,695