Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$695/mo
Lowest payment- Down payment
- $265,156
- Funds due
- $274,235
- Interest + MI left
- $21,435
- First ends
- Mar 2042
Assumption
Assumption + second
$2,357/mo
+$1,662/mo- Down payment
- $33,156
- Funds due
- $43,535
- Interest + MI left
- $387,782
- First ends
- Mar 2042
New loan
New conventional
$2,339/mo
+$1,644/mo- Down payment
- $33,156
- Funds due
- $40,845
- Interest + MI left
- $448,667
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,844 | $63,844 | $295,844 |
| Second mortgage | — | $232,000 | — |
| First P&I | $463.47 | $463.47 | $2,048.36 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | — | — | $59.17 |
| Taxes, insurance & HOA | $231.75 | $231.75 | $231.75 |
| Total housing payment | $695.22 | $2,357.30 | $2,339.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,156
Closing costs & prepaids$10,379
Usable credit−$0
Total buyer cash needed$43,535
Earnest money paid−$0
Remaining funds due$43,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$319.22
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)$245.25
Prepaid interest, first (1 days)$6.93
Prepaid interest, second (1 days)$49.26
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 4 moOf the original 30-year loan at 3.960%
Interest already paid$47,865Through Nov 2026
Assumption only · ends Mar 2042$21,435
Assumption + second · ends Mar 2042, second Dec 2056$387,782
New conventional · ends Dec 2056$448,667