Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $285,975
- Funds due
- $296,538
- Interest + MI left
- $47,782
- First ends
- Oct 2045
Assumption
Assumption + second
$2,850/mo
+$1,762/mo- Down payment
- $39,975
- Funds due
- $52,258
- Interest + MI left
- $436,237
- First ends
- Oct 2045
New loan
New conventional
$2,881/mo
+$1,792/mo- Down payment
- $39,975
- Funds due
- $49,306
- Interest + MI left
- $524,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,025 | $113,025 | $359,025 |
| Second mortgage | — | $246,000 | — |
| First P&I | $711.54 | $711.54 | $2,432.16 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $71.80 |
| Taxes, insurance & HOA | $376.58 | $376.58 | $376.58 |
| Total housing payment | $1,088.12 | $2,850.49 | $2,880.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,975
Closing costs & prepaids$12,284
Usable credit−$0
Total buyer cash needed$52,258
Earnest money paid−$0
Remaining funds due$52,258
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$565.13
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)$478.75
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$110.92
Prepaid interest, second (9 days)$470.10
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 closing18 yr 10 moOf the original 30-year loan at 3.98%
Interest already paid$58,971Through Dec 2026
Assumption only · ends Oct 2045$47,782
Assumption + second · ends Oct 2045, second Jan 2057$436,237
New conventional · ends Jan 2057$524,954