Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$994/mo
Lowest payment- Down payment
- $246,442
- Funds due
- $256,374
- Interest + MI left
- $16,083
- First ends
- May 2042
Assumption
Assumption + second
$2,542/mo
+$1,547/mo- Down payment
- $30,442
- Funds due
- $41,945
- Interest + MI left
- $357,165
- First ends
- May 2042
New loan
New conventional
$2,490/mo
+$1,496/mo- Down payment
- $30,442
- Funds due
- $39,362
- Interest + MI left
- $386,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,557 | $48,557 | $264,557 |
| Second mortgage | — | $216,000 | — |
| First P&I | $349.41 | $349.41 | $1,792.20 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $52.91 |
| Taxes, insurance & HOA | $645.00 | $645.00 | $645.00 |
| Total housing payment | $994.41 | $2,541.86 | $2,490.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,442
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$41,945
Earnest money paid−$0
Remaining funds due$41,945
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$242.79
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)$354.00
Initial HOA (3 months)$1,131.00
Prepaid interest, first (7 days)$36.22
Prepaid interest, second (7 days)$321.04
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 closing15 yr 5 moOf the original 30-year loan at 3.89%
Interest already paid$35,534Through Dec 2026
Assumption only · ends May 2042$16,083
Assumption + second · ends May 2042, second Jan 2057$357,165
New conventional · ends Jan 2057$386,720