Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,106/mo
Lowest payment- Down payment
- $299,429
- Funds due
- $309,826
- Interest + MI left
- $38,191
- First ends
- Aug 2042
Assumption
Assumption + second
$2,947/mo
+$1,841/mo- Down payment
- $42,429
- Funds due
- $54,185
- Interest + MI left
- $444,016
- First ends
- Aug 2042
New loan
New conventional
$2,946/mo
+$1,841/mo- Down payment
- $42,429
- Funds due
- $51,157
- Interest + MI left
- $564,954
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,571 | $115,571 | $372,571 |
| Second mortgage | — | $257,000 | — |
| First P&I | $813.56 | $813.56 | $2,579.61 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $74.51 |
| Taxes, insurance & HOA | $292.17 | $292.17 | $292.17 |
| Total housing payment | $1,105.73 | $2,946.91 | $2,946.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,429
Closing costs & prepaids$11,756
Usable credit−$0
Total buyer cash needed$54,185
Earnest money paid−$0
Remaining funds due$54,185
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%)$577.85
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)$24.06
Prepaid interest, second (2 days)$109.14
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 3.800%
Interest already paid$80,090Through Nov 2026
Assumption only · ends Aug 2042$38,191
Assumption + second · ends Aug 2042, second Dec 2056$444,016
New conventional · ends Dec 2056$564,954