Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $286,533
- Funds due
- $296,967
- Interest + MI left
- $16,059
- First ends
- Apr 2034
Assumption
Assumption + second
$3,332/mo
+$1,798/mo- Down payment
- $35,533
- Funds due
- $47,324
- Interest + MI left
- $412,409
- First ends
- Apr 2034
New loan
New conventional
$2,860/mo
+$1,326/mo- Down payment
- $35,533
- Funds due
- $44,584
- Interest + MI left
- $484,493
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,467 | $68,467 | $319,467 |
| Second mortgage | — | $251,000 | — |
| First P&I | $949.72 | $949.72 | $2,211.92 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | — | — | $63.89 |
| Taxes, insurance & HOA | $583.92 | $583.92 | $583.92 |
| Total housing payment | $1,533.64 | $3,331.83 | $2,859.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,533
Closing costs & prepaids$11,791
Usable credit−$0
Total buyer cash needed$47,324
Earnest money paid−$0
Remaining funds due$47,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$342.33
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)$347.75
Initial HOA (3 months)$954.00
Prepaid interest, first (2 days)$21.91
Prepaid interest, second (2 days)$106.59
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 closing7 yr 5 moOf the original 30-year loan at 5.840%
Interest already paid$164,681Through Nov 2026
Assumption only · ends Apr 2034$16,059
Assumption + second · ends Apr 2034, second Dec 2056$412,409
New conventional · ends Dec 2056$484,493