Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,240/mo
Lowest payment- Down payment
- $349,007
- Funds due
- $360,245
- Interest + MI left
- $29,265
- First ends
- May 2040
Assumption
Assumption + second
$3,403/mo
+$2,164/mo- Down payment
- $47,007
- Funds due
- $59,559
- Interest + MI left
- $506,148
- First ends
- May 2040
New loan
New conventional
$3,321/mo
+$2,081/mo- Down payment
- $47,007
- Funds due
- $56,476
- Interest + MI left
- $633,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,993 | $115,993 | $417,993 |
| Second mortgage | — | $302,000 | — |
| First P&I | $896.65 | $896.65 | $2,894.10 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | — | — | $83.60 |
| Taxes, insurance & HOA | $343.00 | $343.00 | $343.00 |
| Total housing payment | $1,239.65 | $3,403.21 | $3,320.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,007
Closing costs & prepaids$12,552
Usable credit−$0
Total buyer cash needed$59,559
Earnest money paid−$0
Remaining funds due$59,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$579.96
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$462.00
Initial HOA (3 months)$66.99
Prepaid interest, first (1 days)$10.96
Prepaid interest, second (1 days)$64.12
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 6 moOf the original 20-year loan at 3.450%
Interest already paid$30,639Through Nov 2026
Assumption only · ends May 2040$29,265
Assumption + second · ends May 2040, second Dec 2056$506,148
New conventional · ends Dec 2056$633,831