Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,146/mo
Lowest payment- Down payment
- $302,034
- Funds due
- $312,770
- Interest + MI left
- $51,016
- First ends
- Aug 2044
Assumption
Assumption + second
$3,001/mo
+$1,856/mo- Down payment
- $43,034
- Funds due
- $55,515
- Interest + MI left
- $459,999
- First ends
- Aug 2044
New loan
New conventional
$2,991/mo
+$1,846/mo- Down payment
- $43,034
- Funds due
- $52,478
- Interest + MI left
- $559,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,966 | $123,966 | $382,966 |
| Second mortgage | — | $259,000 | — |
| First P&I | $825.39 | $825.39 | $2,594.35 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $76.59 |
| Taxes, insurance & HOA | $320.42 | $320.42 | $320.42 |
| Total housing payment | $1,145.80 | $3,001.31 | $2,991.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,034
Closing costs & prepaids$12,481
Usable credit−$0
Total buyer cash needed$55,515
Earnest money paid−$0
Remaining funds due$55,515
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,260.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$619.83
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)$511.25
Prepaid interest, first (9 days)$126.55
Prepaid interest, second (9 days)$494.94
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 closing17 yr 8 moOf the original 30-year loan at 4.14%
Interest already paid$76,123Through Dec 2026
Assumption only · ends Aug 2044$51,016
Assumption + second · ends Aug 2044, second Jan 2057$459,999
New conventional · ends Jan 2057$559,960