Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,025/mo
Lowest payment- Down payment
- $328,018
- Funds due
- $339,023
- Interest + MI left
- $51,985
- First ends
- Sep 2046
Assumption
Assumption + second
$3,045/mo
+$2,020/mo- Down payment
- $46,018
- Funds due
- $58,393
- Interest + MI left
- $497,287
- First ends
- Sep 2046
New loan
New conventional
$3,198/mo
+$2,173/mo- Down payment
- $46,018
- Funds due
- $55,258
- Interest + MI left
- $626,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,982 | $130,982 | $412,982 |
| Second mortgage | — | $282,000 | — |
| First P&I | $768.77 | $768.77 | $2,859.40 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | — | — | $82.60 |
| Taxes, insurance & HOA | $255.75 | $255.75 | $255.75 |
| Total housing payment | $1,024.52 | $3,044.80 | $3,197.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,018
Closing costs & prepaids$12,376
Usable credit−$0
Total buyer cash needed$58,393
Earnest money paid−$0
Remaining funds due$58,393
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$654.91
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)$267.25
Prepaid interest, first (2 days)$25.62
Prepaid interest, second (2 days)$119.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing19 yr 10 moOf the original 30-year loan at 3.570%
Interest already paid$55,051Through Nov 2026
Assumption only · ends Sep 2046$51,985
Assumption + second · ends Sep 2046, second Dec 2056$497,287
New conventional · ends Dec 2056$626,315