Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,075/mo
Lowest payment- Down payment
- $328,823
- Funds due
- $339,863
- Interest + MI left
- $68,165
- First ends
- Aug 2048
Assumption
Assumption + second
$3,110/mo
+$2,035/mo- Down payment
- $44,823
- Funds due
- $57,655
- Interest + MI left
- $516,625
- First ends
- Aug 2048
New loan
New conventional
$3,165/mo
+$2,090/mo- Down payment
- $44,823
- Funds due
- $54,608
- Interest + MI left
- $588,780
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,677 | $118,677 | $402,677 |
| Second mortgage | — | $284,000 | — |
| First P&I | $718.62 | $718.62 | $2,727.87 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | — | — | $80.54 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,075.29 | $3,109.90 | $3,165.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,823
Closing costs & prepaids$12,832
Usable credit−$0
Total buyer cash needed$57,655
Earnest money paid−$0
Remaining funds due$57,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,475.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$593.38
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)$537.00
Initial HOA (3 months)$83.01
Prepaid interest, first (9 days)$133.15
Prepaid interest, second (9 days)$542.71
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 closing21 yr 8 moOf the original 30-year loan at 4.55%
Interest already paid$49,539Through Dec 2026
Assumption only · ends Aug 2048$68,165
Assumption + second · ends Aug 2048, second Jan 2057$516,625
New conventional · ends Jan 2057$588,780