Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,025/mo
Lowest payment- Down payment
- $326,635
- Funds due
- $337,108
- Interest + MI left
- $31,419
- First ends
- Feb 2042
Assumption
Assumption + second
$3,059/mo
+$2,035/mo- Down payment
- $42,635
- Funds due
- $54,418
- Interest + MI left
- $479,879
- First ends
- Feb 2042
New loan
New conventional
$3,031/mo
+$2,006/mo- Down payment
- $42,635
- Funds due
- $51,488
- Interest + MI left
- $572,224
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,365 | $93,365 | $377,365 |
| Second mortgage | — | $284,000 | — |
| First P&I | $681.88 | $681.88 | $2,612.80 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | — | — | $75.47 |
| Taxes, insurance & HOA | $342.67 | $342.67 | $342.67 |
| Total housing payment | $1,024.55 | $3,059.16 | $3,030.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,635
Closing costs & prepaids$11,783
Usable credit−$0
Total buyer cash needed$54,418
Earnest money paid−$0
Remaining funds due$54,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$466.83
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)$356.00
Initial HOA (3 months)$222.00
Prepaid interest, first (1 days)$10.21
Prepaid interest, second (1 days)$60.30
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 closing15 yr 3 moOf the original 30-year loan at 3.990%
Interest already paid$71,058Through Nov 2026
Assumption only · ends Feb 2042$31,419
Assumption + second · ends Feb 2042, second Dec 2056$479,879
New conventional · ends Dec 2056$572,224