Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$831/mo
Lowest payment- Down payment
- $278,299
- Funds due
- $287,716
- Interest + MI left
- $28,654
- First ends
- Jun 2041
Assumption
Assumption + second
$2,572/mo
+$1,741/mo- Down payment
- $35,299
- Funds due
- $46,069
- Interest + MI left
- $412,372
- First ends
- Jun 2041
New loan
New conventional
$2,499/mo
+$1,668/mo- Down payment
- $35,299
- Funds due
- $43,320
- Interest + MI left
- $477,265
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,701 | $71,701 | $314,701 |
| Second mortgage | — | $243,000 | — |
| First P&I | $573.46 | $573.46 | $2,178.93 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $62.94 |
| Taxes, insurance & HOA | $257.17 | $257.17 | $257.17 |
| Total housing payment | $830.63 | $2,571.51 | $2,499.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,299
Closing costs & prepaids$10,770
Usable credit−$0
Total buyer cash needed$46,069
Earnest money paid−$0
Remaining funds due$46,069
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$358.51
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)$321.50
Prepaid interest, first (2 days)$19.17
Prepaid interest, second (2 days)$103.19
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 closing14 yr 7 moOf the original 30-year loan at 4.880%
Interest already paid$69,492Through Nov 2026
Assumption only · ends Jun 2041$28,654
Assumption + second · ends Jun 2041, second Dec 2056$412,372
New conventional · ends Dec 2056$477,265