Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $328,397
- Funds due
- $339,773
- Interest + MI left
- $51,595
- First ends
- Sep 2046
Assumption
Assumption + second
$3,139/mo
+$2,020/mo- Down payment
- $46,397
- Funds due
- $59,562
- Interest + MI left
- $496,897
- First ends
- Sep 2046
New loan
New conventional
$3,228/mo
+$2,109/mo- Down payment
- $46,397
- Funds due
- $56,479
- Interest + MI left
- $603,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,603 | $130,603 | $412,603 |
| Second mortgage | — | $282,000 | — |
| First P&I | $768.77 | $768.77 | $2,795.12 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | — | — | $82.52 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $1,119.02 | $3,139.30 | $3,227.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,397
Closing costs & prepaids$13,166
Usable credit−$0
Total buyer cash needed$59,562
Earnest money paid−$0
Remaining funds due$59,562
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%)$653.02
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)$550.75
Prepaid interest, first (9 days)$114.97
Prepaid interest, second (9 days)$538.89
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 closing19 yr 9 moOf the original 30-year loan at 3.57%
Interest already paid$55,441Through Dec 2026
Assumption only · ends Sep 2046$51,595
Assumption + second · ends Sep 2046, second Jan 2057$496,897
New conventional · ends Jan 2057$603,294