Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,466/mo
Lowest payment- Down payment
- $256,404
- Funds due
- $267,263
- Interest + MI left
- $49,578
- First ends
- Oct 2042
Assumption
Assumption + second
$3,007/mo
+$1,540/mo- Down payment
- $41,404
- Funds due
- $53,559
- Interest + MI left
- $389,082
- First ends
- Oct 2042
New loan
New conventional
$3,028/mo
+$1,562/mo- Down payment
- $41,404
- Funds due
- $50,348
- Interest + MI left
- $558,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,596 | $153,596 | $368,596 |
| Second mortgage | — | $215,000 | — |
| First P&I | $1,063.74 | $1,063.74 | $2,552.08 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $73.72 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $1,466.41 | $3,006.69 | $3,028.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,404
Closing costs & prepaids$12,155
Usable credit−$0
Total buyer cash needed$53,559
Earnest money paid−$0
Remaining funds due$53,559
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%)$767.98
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)$758.00
Prepaid interest, first (1 days)$15.49
Prepaid interest, second (1 days)$45.65
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 11 moOf the original 30-year loan at 3.680%
Interest already paid$101,694Through Nov 2026
Assumption only · ends Oct 2042$49,578
Assumption + second · ends Oct 2042, second Dec 2056$389,082
New conventional · ends Dec 2056$558,927