Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$803/mo
Lowest payment- Down payment
- $384,055
- Funds due
- $394,808
- Interest + MI left
- $27,835
- First ends
- Jan 2043
Assumption
Assumption + second
$3,210/mo
+$2,407/mo- Down payment
- $48,055
- Funds due
- $60,129
- Interest + MI left
- $558,407
- First ends
- Jan 2043
New loan
New conventional
$3,232/mo
+$2,429/mo- Down payment
- $48,055
- Funds due
- $57,157
- Interest + MI left
- $647,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,945 | $90,945 | $426,945 |
| Second mortgage | — | $336,000 | — |
| First P&I | $612.27 | $612.27 | $2,956.08 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | — | — | $85.39 |
| Taxes, insurance & HOA | $190.33 | $190.33 | $190.33 |
| Total housing payment | $802.60 | $3,209.74 | $3,231.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,055
Closing costs & prepaids$12,074
Usable credit−$0
Total buyer cash needed$60,129
Earnest money paid−$0
Remaining funds due$60,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$454.72
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$71.00
Prepaid interest, first (1 days)$8.60
Prepaid interest, second (1 days)$71.34
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 closing16 yr 2 moOf the original 30-year loan at 3.450%
Interest already paid$55,381Through Nov 2026
Assumption only · ends Jan 2043$27,835
Assumption + second · ends Jan 2043, second Dec 2056$558,407
New conventional · ends Dec 2056$647,405