Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$930/mo
Lowest payment- Down payment
- $229,934
- Funds due
- $238,898
- Interest + MI left
- $10,717
- First ends
- Sep 2036
Assumption
Assumption + second
$2,363/mo
+$1,433/mo- Down payment
- $29,934
- Funds due
- $40,191
- Interest + MI left
- $326,534
- First ends
- Sep 2036
New loan
New conventional
$2,183/mo
+$1,253/mo- Down payment
- $29,934
- Funds due
- $37,553
- Interest + MI left
- $394,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $60,066 | $60,066 | $260,066 |
| Second mortgage | — | $200,000 | — |
| First P&I | $599.86 | $599.86 | $1,800.64 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | — | — | $52.01 |
| Taxes, insurance & HOA | $330.17 | $330.17 | $330.17 |
| Total housing payment | $930.02 | $2,362.85 | $2,182.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,934
Closing costs & prepaids$10,257
Usable credit−$0
Total buyer cash needed$40,191
Earnest money paid−$0
Remaining funds due$40,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$300.33
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)$540.50
Prepaid interest, first (1 days)$5.61
Prepaid interest, second (1 days)$42.47
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 closing9 yr 10 moOf the original 20-year loan at 3.410%
Interest already paid$28,988Through Nov 2026
Assumption only · ends Sep 2036$10,717
Assumption + second · ends Sep 2036, second Dec 2056$326,534
New conventional · ends Dec 2056$394,304