Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$861/mo
Lowest payment- Down payment
- $303,619
- Funds due
- $313,512
- Interest + MI left
- $28,647
- First ends
- Nov 2042
Assumption
Assumption + second
$2,753/mo
+$1,891/mo- Down payment
- $39,619
- Funds due
- $50,818
- Interest + MI left
- $445,525
- First ends
- Nov 2042
New loan
New conventional
$2,766/mo
+$1,905/mo- Down payment
- $39,619
- Funds due
- $47,934
- Interest + MI left
- $537,443
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,381 | $90,381 | $354,381 |
| Second mortgage | — | $264,000 | — |
| First P&I | $619.94 | $619.94 | $2,453.66 |
| Second P&I | — | $1,891.33 | — |
| Mortgage insurance | — | — | $70.88 |
| Taxes, insurance & HOA | $241.50 | $241.50 | $241.50 |
| Total housing payment | $861.44 | $2,752.76 | $2,766.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,619
Closing costs & prepaids$11,199
Usable credit−$0
Total buyer cash needed$50,818
Earnest money paid−$0
Remaining funds due$50,818
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$451.91
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)$274.50
Prepaid interest, first (1 days)$8.91
Prepaid interest, second (1 days)$56.05
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 yrOf the original 30-year loan at 3.600%
Interest already paid$58,174Through Nov 2026
Assumption only · ends Nov 2042$28,647
Assumption + second · ends Nov 2042, second Dec 2056$445,525
New conventional · ends Dec 2056$537,443