Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,094/mo
Lowest payment- Down payment
- $300,139
- Funds due
- $310,531
- Interest + MI left
- $36,656
- First ends
- Aug 2042
Assumption
Assumption + second
$2,942/mo
+$1,848/mo- Down payment
- $42,139
- Funds due
- $53,890
- Interest + MI left
- $444,059
- First ends
- Aug 2042
New loan
New conventional
$2,948/mo
+$1,855/mo- Down payment
- $42,139
- Funds due
- $50,870
- Interest + MI left
- $565,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,861 | $114,861 | $372,861 |
| Second mortgage | — | $258,000 | — |
| First P&I | $801.68 | $801.68 | $2,581.61 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $74.57 |
| Taxes, insurance & HOA | $292.17 | $292.17 | $292.17 |
| Total housing payment | $1,093.85 | $2,942.19 | $2,948.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,139
Closing costs & prepaids$11,752
Usable credit−$0
Total buyer cash needed$53,890
Earnest money paid−$0
Remaining funds due$53,890
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%)$574.31
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)$301.50
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$23.16
Prepaid interest, second (2 days)$109.56
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 closing15 yr 9 moOf the original 30-year loan at 3.680%
Interest already paid$77,349Through Nov 2026
Assumption only · ends Aug 2042$36,656
Assumption + second · ends Aug 2042, second Dec 2056$444,059
New conventional · ends Dec 2056$565,394