Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,325/mo
Lowest payment- Down payment
- $200,026
- Funds due
- $210,118
- Interest + MI left
- $39,720
- First ends
- Feb 2043
Assumption
Assumption + second
$2,543/mo
+$1,218/mo- Down payment
- $34,026
- Funds due
- $45,405
- Interest + MI left
- $312,218
- First ends
- Feb 2043
New loan
New conventional
$2,573/mo
+$1,248/mo- Down payment
- $34,026
- Funds due
- $42,359
- Interest + MI left
- $456,387
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,974 | $134,974 | $300,974 |
| Second mortgage | — | $166,000 | — |
| First P&I | $895.87 | $895.87 | $2,083.88 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $60.19 |
| Taxes, insurance & HOA | $429.17 | $429.17 | $429.17 |
| Total housing payment | $1,325.03 | $2,543.08 | $2,573.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,026
Closing costs & prepaids$11,379
Usable credit−$0
Total buyer cash needed$45,405
Earnest money paid−$0
Remaining funds due$45,405
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$674.87
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)$837.50
Prepaid interest, first (1 days)$12.24
Prepaid interest, second (1 days)$36.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$78,493Through Nov 2026
Assumption only · ends Feb 2043$39,720
Assumption + second · ends Feb 2043, second Dec 2056$312,218
New conventional · ends Dec 2056$456,387