Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,158/mo
Lowest payment- Down payment
- $249,573
- Funds due
- $259,663
- Interest + MI left
- $41,252
- First ends
- Mar 2043
Assumption
Assumption + second
$2,663/mo
+$1,504/mo- Down payment
- $39,573
- Funds due
- $51,002
- Interest + MI left
- $372,860
- First ends
- Mar 2043
New loan
New conventional
$2,728/mo
+$1,569/mo- Down payment
- $39,573
- Funds due
- $47,889
- Interest + MI left
- $531,224
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,327 | $140,327 | $350,327 |
| Second mortgage | — | $210,000 | — |
| First P&I | $926.42 | $926.42 | $2,425.59 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $70.07 |
| Taxes, insurance & HOA | $231.92 | $231.92 | $231.92 |
| Total housing payment | $1,158.34 | $2,662.81 | $2,727.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,573
Closing costs & prepaids$11,429
Usable credit−$0
Total buyer cash needed$51,002
Earnest money paid−$0
Remaining funds due$51,002
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$701.64
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)$245.75
Prepaid interest, first (2 days)$25.30
Prepaid interest, second (2 days)$89.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing16 yr 4 moOf the original 30-year loan at 3.290%
Interest already paid$80,460Through Nov 2026
Assumption only · ends Mar 2043$41,252
Assumption + second · ends Mar 2043, second Dec 2056$372,860
New conventional · ends Dec 2056$531,224