Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $250,619
- Funds due
- $261,840
- Interest + MI left
- $60,416
- First ends
- May 2045
Assumption
Assumption + second
$3,001/mo
+$1,497/mo- Down payment
- $41,619
- Funds due
- $54,135
- Interest + MI left
- $390,445
- First ends
- May 2045
New loan
New conventional
$3,138/mo
+$1,634/mo- Down payment
- $41,619
- Funds due
- $50,893
- Interest + MI left
- $558,601
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,381 | $159,381 | $368,381 |
| Second mortgage | — | $209,000 | — |
| First P&I | $990.08 | $990.08 | $2,550.60 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $73.68 |
| Taxes, insurance & HOA | $513.42 | $513.42 | $513.42 |
| Total housing payment | $1,503.49 | $3,000.80 | $3,137.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,619
Closing costs & prepaids$12,516
Usable credit−$0
Total buyer cash needed$54,135
Earnest money paid−$0
Remaining funds due$54,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$796.90
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)$463.25
Initial HOA (3 months)$627.00
Prepaid interest, first (1 days)$16.03
Prepaid interest, second (1 days)$44.38
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 6 moOf the original 30-year loan at 3.670%
Interest already paid$80,115Through Nov 2026
Assumption only · ends May 2045$60,416
Assumption + second · ends May 2045, second Dec 2056$390,445
New conventional · ends Dec 2056$558,601