Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,152/mo
Lowest payment- Down payment
- $271,775
- Funds due
- $282,305
- Interest + MI left
- $23,294
- First ends
- Sep 2042
Assumption
Assumption + second
$2,850/mo
+$1,698/mo- Down payment
- $34,775
- Funds due
- $46,656
- Interest + MI left
- $397,537
- First ends
- Sep 2042
New loan
New conventional
$2,854/mo
+$1,702/mo- Down payment
- $34,775
- Funds due
- $43,909
- Interest + MI left
- $470,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,225 | $73,225 | $310,225 |
| Second mortgage | — | $237,000 | — |
| First P&I | $508.00 | $508.00 | $2,147.94 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $643.75 | $643.75 | $643.75 |
| Total housing payment | $1,151.75 | $2,849.64 | $2,853.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,775
Closing costs & prepaids$11,881
Usable credit−$0
Total buyer cash needed$46,656
Earnest money paid−$0
Remaining funds due$46,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$366.13
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)$413.25
Initial HOA (3 months)$1,068.00
Prepaid interest, first (2 days)$14.65
Prepaid interest, second (2 days)$100.64
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 closing15 yr 10 moOf the original 30-year loan at 3.650%
Interest already paid$48,537Through Nov 2026
Assumption only · ends Sep 2042$23,294
Assumption + second · ends Sep 2042, second Dec 2056$397,537
New conventional · ends Dec 2056$470,477