Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$784/mo
Lowest payment- Down payment
- $301,996
- Funds due
- $311,635
- Interest + MI left
- $23,235
- First ends
- Sep 2041
Assumption
Assumption + second
$2,682/mo
+$1,898/mo- Down payment
- $36,996
- Funds due
- $47,941
- Interest + MI left
- $441,692
- First ends
- Sep 2041
New loan
New conventional
$2,636/mo
+$1,852/mo- Down payment
- $36,996
- Funds due
- $45,215
- Interest + MI left
- $497,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,004 | $63,004 | $328,004 |
| Second mortgage | — | $265,000 | — |
| First P&I | $484.49 | $484.49 | $2,271.03 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $65.60 |
| Taxes, insurance & HOA | $299.25 | $299.25 | $299.25 |
| Total housing payment | $783.74 | $2,682.23 | $2,635.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,996
Closing costs & prepaids$10,945
Usable credit−$0
Total buyer cash needed$47,941
Earnest money paid−$0
Remaining funds due$47,941
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$315.02
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)$447.75
Prepaid interest, first (1 days)$7.70
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 closing14 yr 10 moOf the original 30-year loan at 4.460%
Interest already paid$55,111Through Nov 2026
Assumption only · ends Sep 2041$23,235
Assumption + second · ends Sep 2041, second Dec 2056$441,692
New conventional · ends Dec 2056$497,375