Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$881/mo
Lowest payment- Down payment
- $267,051
- Funds due
- $277,004
- Interest + MI left
- $41,632
- First ends
- Nov 2047
Assumption
Assumption + second
$2,536/mo
+$1,655/mo- Down payment
- $36,051
- Funds due
- $47,695
- Interest + MI left
- $406,400
- First ends
- Nov 2047
New loan
New conventional
$2,604/mo
+$1,723/mo- Down payment
- $36,051
- Funds due
- $44,873
- Interest + MI left
- $473,521
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,849 | $92,849 | $323,849 |
| Second mortgage | — | $231,000 | — |
| First P&I | $535.78 | $535.78 | $2,193.87 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $64.77 |
| Taxes, insurance & HOA | $345.00 | $345.00 | $345.00 |
| Total housing payment | $880.78 | $2,535.69 | $2,603.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,051
Closing costs & prepaids$11,644
Usable credit−$0
Total buyer cash needed$47,695
Earnest money paid−$0
Remaining funds due$47,695
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$464.24
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)$432.00
Initial HOA (3 months)$153.00
Prepaid interest, first (9 days)$86.54
Prepaid interest, second (9 days)$441.43
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 closing20 yr 11 moOf the original 30-year loan at 3.78%
Interest already paid$35,983Through Dec 2026
Assumption only · ends Nov 2047$41,632
Assumption + second · ends Nov 2047, second Jan 2057$406,400
New conventional · ends Jan 2057$473,521