Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,193/mo
Lowest payment- Down payment
- $311,345
- Funds due
- $322,271
- Interest + MI left
- $47,007
- First ends
- Sep 2044
Assumption
Assumption + second
$3,113/mo
+$1,920/mo- Down payment
- $43,345
- Funds due
- $55,578
- Interest + MI left
- $470,202
- First ends
- Sep 2044
New loan
New conventional
$3,161/mo
+$1,968/mo- Down payment
- $43,345
- Funds due
- $52,540
- Interest + MI left
- $578,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,655 | $113,655 | $381,655 |
| Second mortgage | — | $268,000 | — |
| First P&I | $750.76 | $750.76 | $2,642.50 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $76.33 |
| Taxes, insurance & HOA | $442.17 | $442.17 | $442.17 |
| Total housing payment | $1,192.92 | $3,112.91 | $3,161.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,345
Closing costs & prepaids$12,233
Usable credit−$0
Total buyer cash needed$55,578
Earnest money paid−$0
Remaining funds due$55,578
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$568.27
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)$327.50
Initial HOA (3 months)$549.00
Prepaid interest, first (1 days)$12.83
Prepaid interest, second (1 days)$56.90
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 closing17 yr 10 moOf the original 30-year loan at 4.120%
Interest already paid$68,265Through Nov 2026
Assumption only · ends Sep 2044$47,007
Assumption + second · ends Sep 2044, second Dec 2056$470,202
New conventional · ends Dec 2056$578,729