Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,098/mo
Lowest payment- Down payment
- $255,996
- Funds due
- $266,154
- Interest + MI left
- $30,265
- First ends
- Apr 2043
Assumption
Assumption + second
$2,674/mo
+$1,576/mo- Down payment
- $35,996
- Funds due
- $47,497
- Interest + MI left
- $377,664
- First ends
- Apr 2043
New loan
New conventional
$2,704/mo
+$1,606/mo- Down payment
- $35,996
- Funds due
- $44,639
- Interest + MI left
- $476,081
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,003 | $94,003 | $314,003 |
| Second mortgage | — | $220,000 | — |
| First P&I | $630.80 | $630.80 | $2,174.09 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | — | — | $62.80 |
| Taxes, insurance & HOA | $467.00 | $467.00 | $467.00 |
| Total housing payment | $1,097.80 | $2,673.91 | $2,703.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,996
Closing costs & prepaids$11,501
Usable credit−$0
Total buyer cash needed$47,497
Earnest money paid−$0
Remaining funds due$47,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$470.01
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)$951.00
Prepaid interest, first (2 days)$18.34
Prepaid interest, second (2 days)$93.42
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 closing16 yr 5 moOf the original 30-year loan at 3.560%
Interest already paid$57,389Through Nov 2026
Assumption only · ends Apr 2043$30,265
Assumption + second · ends Apr 2043, second Dec 2056$377,664
New conventional · ends Dec 2056$476,081