Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $239,094
- Funds due
- $250,043
- Interest + MI left
- $61,741
- First ends
- Aug 2046
Assumption
Assumption + second
$2,857/mo
+$1,460/mo- Down payment
- $40,094
- Funds due
- $52,337
- Interest + MI left
- $388,410
- First ends
- Aug 2046
New loan
New conventional
$3,007/mo
+$1,610/mo- Down payment
- $40,094
- Funds due
- $49,126
- Interest + MI left
- $538,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,806 | $155,806 | $354,806 |
| Second mortgage | — | $199,000 | — |
| First P&I | $917.92 | $917.92 | $2,456.61 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | — | — | $70.96 |
| Taxes, insurance & HOA | $479.08 | $479.08 | $479.08 |
| Total housing payment | $1,397.00 | $2,857.19 | $3,006.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,094
Closing costs & prepaids$12,242
Usable credit−$0
Total buyer cash needed$52,337
Earnest money paid−$0
Remaining funds due$52,337
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$779.03
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)$987.25
Prepaid interest, first (1 days)$15.28
Prepaid interest, second (1 days)$43.62
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 closing19 yr 9 moOf the original 30-year loan at 3.580%
Interest already paid$66,312Through Nov 2026
Assumption only · ends Aug 2046$61,741
Assumption + second · ends Aug 2046, second Dec 2056$388,410
New conventional · ends Dec 2056$538,016