Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$670/mo
Lowest payment- Down payment
- $231,916
- Funds due
- $240,817
- Interest + MI left
- $14,358
- First ends
- Apr 2043
Assumption
Assumption + second
$2,131/mo
+$1,461/mo- Down payment
- $27,916
- Funds due
- $38,457
- Interest + MI left
- $336,491
- First ends
- Apr 2043
New loan
New conventional
$2,107/mo
+$1,437/mo- Down payment
- $27,916
- Funds due
- $35,915
- Interest + MI left
- $366,980
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,984 | $46,984 | $250,984 |
| Second mortgage | — | $204,000 | — |
| First P&I | $312.97 | $312.97 | $1,700.25 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $50.20 |
| Taxes, insurance & HOA | $356.58 | $356.58 | $356.58 |
| Total housing payment | $669.55 | $2,131.03 | $2,107.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,916
Closing costs & prepaids$10,541
Usable credit−$0
Total buyer cash needed$38,457
Earnest money paid−$0
Remaining funds due$38,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,789.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$234.92
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)$334.75
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$39.51
Prepaid interest, second (9 days)$389.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 3.41%
Interest already paid$27,828Through Dec 2026
Assumption only · ends Apr 2043$14,358
Assumption + second · ends Apr 2043, second Jan 2057$336,491
New conventional · ends Jan 2057$366,980