Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$931/mo
Lowest payment- Down payment
- $365,194
- Funds due
- $376,033
- Interest + MI left
- $31,599
- First ends
- Aug 2042
Assumption
Assumption + second
$3,217/mo
+$2,285/mo- Down payment
- $46,194
- Funds due
- $58,351
- Interest + MI left
- $535,327
- First ends
- Aug 2042
New loan
New conventional
$3,210/mo
+$2,279/mo- Down payment
- $46,194
- Funds due
- $55,378
- Interest + MI left
- $627,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,806 | $94,806 | $413,806 |
| Second mortgage | — | $319,000 | — |
| First P&I | $668.81 | $668.81 | $2,865.11 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $82.76 |
| Taxes, insurance & HOA | $262.50 | $262.50 | $262.50 |
| Total housing payment | $931.31 | $3,216.67 | $3,210.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,194
Closing costs & prepaids$12,157
Usable credit−$0
Total buyer cash needed$58,351
Earnest money paid−$0
Remaining funds due$58,351
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$474.03
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$287.50
Prepaid interest, first (1 days)$9.95
Prepaid interest, second (1 days)$67.73
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 closing15 yr 9 moOf the original 30-year loan at 3.830%
Interest already paid$66,163Through Nov 2026
Assumption only · ends Aug 2042$31,599
Assumption + second · ends Aug 2042, second Dec 2056$535,327
New conventional · ends Dec 2056$627,565