Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,262/mo
Lowest payment- Down payment
- $302,427
- Funds due
- $313,412
- Interest + MI left
- $40,320
- First ends
- Jul 2043
Assumption
Assumption + second
$3,117/mo
+$1,856/mo- Down payment
- $43,427
- Funds due
- $55,717
- Interest + MI left
- $449,303
- First ends
- Jul 2043
New loan
New conventional
$3,176/mo
+$1,914/mo- Down payment
- $43,427
- Funds due
- $52,614
- Interest + MI left
- $586,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,473 | $127,473 | $386,473 |
| Second mortgage | — | $259,000 | — |
| First P&I | $838.97 | $838.97 | $2,675.86 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $77.29 |
| Taxes, insurance & HOA | $422.83 | $422.83 | $422.83 |
| Total housing payment | $1,261.80 | $3,117.31 | $3,175.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,427
Closing costs & prepaids$12,290
Usable credit−$0
Total buyer cash needed$55,717
Earnest money paid−$0
Remaining funds due$55,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$637.37
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)$404.50
Initial HOA (3 months)$414.00
Prepaid interest, first (1 days)$12.05
Prepaid interest, second (1 days)$54.99
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 8 moOf the original 30-year loan at 3.450%
Interest already paid$73,708Through Nov 2026
Assumption only · ends Jul 2043$40,320
Assumption + second · ends Jul 2043, second Dec 2056$449,303
New conventional · ends Dec 2056$586,035