Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$938/mo
Lowest payment- Down payment
- $282,837
- Funds due
- $292,835
- Interest + MI left
- $26,272
- First ends
- Apr 2043
Assumption
Assumption + second
$2,693/mo
+$1,755/mo- Down payment
- $37,837
- Funds due
- $49,137
- Interest + MI left
- $413,148
- First ends
- Apr 2043
New loan
New conventional
$2,728/mo
+$1,790/mo- Down payment
- $37,837
- Funds due
- $46,287
- Interest + MI left
- $503,681
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,163 | $87,163 | $332,163 |
| Second mortgage | — | $245,000 | — |
| First P&I | $575.81 | $575.81 | $2,299.83 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $66.43 |
| Taxes, insurance & HOA | $362.00 | $362.00 | $362.00 |
| Total housing payment | $937.81 | $2,693.02 | $2,728.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,837
Closing costs & prepaids$11,300
Usable credit−$0
Total buyer cash needed$49,137
Earnest money paid−$0
Remaining funds due$49,137
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$435.81
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)$521.00
Initial HOA (3 months)$114.99
Prepaid interest, first (1 days)$8.00
Prepaid interest, second (1 days)$52.02
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 5 moOf the original 30-year loan at 3.350%
Interest already paid$50,366Through Nov 2026
Assumption only · ends Apr 2043$26,272
Assumption + second · ends Apr 2043, second Dec 2056$413,148
New conventional · ends Dec 2056$503,681