Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,244/mo
Lowest payment- Down payment
- $334,877
- Funds due
- $346,180
- Interest + MI left
- $33,878
- First ends
- Feb 2043
Assumption
Assumption + second
$3,314/mo
+$2,070/mo- Down payment
- $45,877
- Funds due
- $58,553
- Interest + MI left
- $490,233
- First ends
- Feb 2043
New loan
New conventional
$3,358/mo
+$2,115/mo- Down payment
- $45,877
- Funds due
- $55,496
- Interest + MI left
- $612,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,123 | $115,123 | $404,123 |
| Second mortgage | — | $289,000 | — |
| First P&I | $764.11 | $764.11 | $2,798.07 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | — | — | $80.82 |
| Taxes, insurance & HOA | $479.58 | $479.58 | $479.58 |
| Total housing payment | $1,243.69 | $3,314.12 | $3,358.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,877
Closing costs & prepaids$12,676
Usable credit−$0
Total buyer cash needed$58,553
Earnest money paid−$0
Remaining funds due$58,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$575.62
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)$613.75
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$20.88
Prepaid interest, second (2 days)$122.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing16 yr 3 moOf the original 30-year loan at 3.310%
Interest already paid$66,948Through Nov 2026
Assumption only · ends Feb 2043$33,878
Assumption + second · ends Feb 2043, second Dec 2056$490,233
New conventional · ends Dec 2056$612,799