Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$812/mo
Lowest payment- Down payment
- $271,869
- Funds due
- $281,506
- Interest + MI left
- $31,824
- First ends
- Jul 2045
Assumption
Assumption + second
$2,502/mo
+$1,691/mo- Down payment
- $35,869
- Funds due
- $46,806
- Interest + MI left
- $404,487
- First ends
- Jul 2045
New loan
New conventional
$2,572/mo
+$1,760/mo- Down payment
- $35,869
- Funds due
- $43,995
- Interest + MI left
- $483,920
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,131 | $83,131 | $319,131 |
| Second mortgage | — | $236,000 | — |
| First P&I | $513.19 | $513.19 | $2,209.60 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $63.83 |
| Taxes, insurance & HOA | $298.33 | $298.33 | $298.33 |
| Total housing payment | $811.53 | $2,502.26 | $2,571.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,869
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$46,806
Earnest money paid−$0
Remaining funds due$46,806
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%)$415.66
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)$445.00
Prepaid interest, first (1 days)$8.36
Prepaid interest, second (1 days)$50.11
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 closing18 yr 8 moOf the original 30-year loan at 3.670%
Interest already paid$41,018Through Nov 2026
Assumption only · ends Jul 2045$31,824
Assumption + second · ends Jul 2045, second Dec 2056$404,487
New conventional · ends Dec 2056$483,920