Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$937/mo
Lowest payment- Down payment
- $302,160
- Funds due
- $312,199
- Interest + MI left
- $16,900
- First ends
- Mar 2040
Assumption
Assumption + second
$2,835/mo
+$1,898/mo- Down payment
- $37,160
- Funds due
- $48,505
- Interest + MI left
- $435,358
- First ends
- Mar 2040
New loan
New conventional
$2,777/mo
+$1,841/mo- Down payment
- $37,160
- Funds due
- $45,761
- Interest + MI left
- $503,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,840 | $66,840 | $331,840 |
| Second mortgage | — | $265,000 | — |
| First P&I | $523.38 | $523.38 | $2,297.59 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $66.37 |
| Taxes, insurance & HOA | $413.42 | $413.42 | $413.42 |
| Total housing payment | $936.79 | $2,835.28 | $2,777.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,160
Closing costs & prepaids$11,345
Usable credit−$0
Total buyer cash needed$48,505
Earnest money paid−$0
Remaining funds due$48,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$334.20
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)$295.25
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$6.41
Prepaid interest, second (1 days)$56.27
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 closing13 yr 4 moOf the original 30-year loan at 3.500%
Interest already paid$54,962Through Nov 2026
Assumption only · ends Mar 2040$16,900
Assumption + second · ends Mar 2040, second Dec 2056$435,358
New conventional · ends Dec 2056$503,258