Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,832/mo
Lowest payment- Down payment
- $299,879
- Funds due
- $311,220
- Interest + MI left
- $46,796
- First ends
- Dec 2037
Assumption
Assumption + second
$3,673/mo
+$1,841/mo- Down payment
- $42,879
- Funds due
- $55,579
- Interest + MI left
- $452,620
- First ends
- Dec 2037
New loan
New conventional
$3,263/mo
+$1,432/mo- Down payment
- $42,879
- Funds due
- $52,510
- Interest + MI left
- $571,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,021 | $120,021 | $377,021 |
| Second mortgage | — | $257,000 | — |
| First P&I | $1,254.26 | $1,254.26 | $2,610.42 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $75.40 |
| Taxes, insurance & HOA | $577.58 | $577.58 | $577.58 |
| Total housing payment | $1,831.85 | $3,673.03 | $3,263.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,879
Closing costs & prepaids$12,700
Usable credit−$0
Total buyer cash needed$55,579
Earnest money paid−$0
Remaining funds due$55,579
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$600.11
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)$1,237.75
Initial HOA (3 months)$45.00
Prepaid interest, first (2 days)$41.23
Prepaid interest, second (2 days)$109.14
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 closing11 yr 1 moOf the original 30-year loan at 6.270%
Interest already paid$201,461Through Nov 2026
Assumption only · ends Dec 2037$46,796
Assumption + second · ends Dec 2037, second Dec 2056$452,620
New conventional · ends Dec 2056$571,702