Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$984/mo
Lowest payment- Down payment
- $259,932
- Funds due
- $269,741
- Interest + MI left
- $35,426
- First ends
- Jul 2043
Assumption
Assumption + second
$2,574/mo
+$1,590/mo- Down payment
- $37,932
- Funds due
- $49,085
- Interest + MI left
- $385,983
- First ends
- Jul 2043
New loan
New conventional
$2,628/mo
+$1,644/mo- Down payment
- $37,932
- Funds due
- $46,117
- Interest + MI left
- $508,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,068 | $113,068 | $335,068 |
| Second mortgage | — | $222,000 | — |
| First P&I | $742.47 | $742.47 | $2,319.94 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $67.01 |
| Taxes, insurance & HOA | $241.17 | $241.17 | $241.17 |
| Total housing payment | $983.63 | $2,574.07 | $2,628.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,932
Closing costs & prepaids$11,152
Usable credit−$0
Total buyer cash needed$49,085
Earnest money paid−$0
Remaining funds due$49,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,730.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$565.34
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)$273.50
Prepaid interest, first (2 days)$21.19
Prepaid interest, second (2 days)$94.27
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 8 moOf the original 30-year loan at 3.420%
Interest already paid$64,862Through Nov 2026
Assumption only · ends Jul 2043$35,426
Assumption + second · ends Jul 2043, second Dec 2056$385,983
New conventional · ends Dec 2056$508,086