Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$926/mo
Lowest payment- Down payment
- $289,369
- Funds due
- $299,271
- Interest + MI left
- $27,071
- First ends
- Mar 2042
Assumption
Assumption + second
$2,731/mo
+$1,805/mo- Down payment
- $37,369
- Funds due
- $48,574
- Interest + MI left
- $425,000
- First ends
- Mar 2042
New loan
New conventional
$2,710/mo
+$1,784/mo- Down payment
- $37,369
- Funds due
- $45,760
- Interest + MI left
- $504,391
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,631 | $80,631 | $332,631 |
| Second mortgage | — | $252,000 | — |
| First P&I | $585.34 | $585.34 | $2,303.07 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | — | — | $66.53 |
| Taxes, insurance & HOA | $340.67 | $340.67 | $340.67 |
| Total housing payment | $926.00 | $2,731.36 | $2,710.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,369
Closing costs & prepaids$11,205
Usable credit−$0
Total buyer cash needed$48,574
Earnest money paid−$0
Remaining funds due$48,574
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$403.16
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)$305.00
Initial HOA (3 months)$267.00
Prepaid interest, first (1 days)$8.75
Prepaid interest, second (1 days)$53.51
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$60,451Through Nov 2026
Assumption only · ends Mar 2042$27,071
Assumption + second · ends Mar 2042, second Dec 2056$425,000
New conventional · ends Dec 2056$504,391