Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,690/mo
Lowest payment- Down payment
- $315,779
- Funds due
- $326,467
- Interest + MI left
- $30,518
- First ends
- Oct 2035
Assumption
Assumption + second
$3,639/mo
+$1,949/mo- Down payment
- $43,779
- Funds due
- $55,832
- Interest + MI left
- $460,029
- First ends
- Oct 2035
New loan
New conventional
$3,089/mo
+$1,399/mo- Down payment
- $43,779
- Funds due
- $52,787
- Interest + MI left
- $585,501
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,121 | $114,121 | $386,121 |
| Second mortgage | — | $272,000 | — |
| First P&I | $1,351.76 | $1,351.76 | $2,673.42 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | — | — | $77.22 |
| Taxes, insurance & HOA | $338.50 | $338.50 | $338.50 |
| Total housing payment | $1,690.26 | $3,638.90 | $3,089.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,779
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$55,832
Earnest money paid−$0
Remaining funds due$55,832
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$570.60
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)$400.50
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$34.39
Prepaid interest, second (2 days)$115.51
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 closing8 yr 11 moOf the original 30-year loan at 5.500%
Interest already paid$218,042Through Nov 2026
Assumption only · ends Oct 2035$30,518
Assumption + second · ends Oct 2035, second Dec 2056$460,029
New conventional · ends Dec 2056$585,501