Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,461/mo
Lowest payment- Down payment
- $220,331
- Funds due
- $230,838
- Interest + MI left
- $50,790
- First ends
- Jan 2043
Assumption
Assumption + second
$2,790/mo
+$1,328/mo- Down payment
- $39,331
- Funds due
- $51,128
- Interest + MI left
- $347,911
- First ends
- Jan 2043
New loan
New conventional
$2,823/mo
+$1,362/mo- Down payment
- $39,331
- Funds due
- $47,859
- Interest + MI left
- $531,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,669 | $169,669 | $350,669 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,136.39 | $1,136.39 | $2,427.96 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $70.13 |
| Taxes, insurance & HOA | $325.08 | $325.08 | $325.08 |
| Total housing payment | $1,461.47 | $2,789.59 | $2,823.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,331
Closing costs & prepaids$11,797
Usable credit−$0
Total buyer cash needed$51,128
Earnest money paid−$0
Remaining funds due$51,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$848.35
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)$525.25
Prepaid interest, first (1 days)$15.71
Prepaid interest, second (1 days)$39.67
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 closing16 yr 2 moOf the original 30-year loan at 3.380%
Interest already paid$101,425Through Nov 2026
Assumption only · ends Jan 2043$50,790
Assumption + second · ends Jan 2043, second Dec 2056$347,911
New conventional · ends Dec 2056$531,813