Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $240,020
- Funds due
- $250,764
- Interest + MI left
- $78,583
- First ends
- Oct 2045
Assumption
Assumption + second
$2,860/mo
+$1,446/mo- Down payment
- $43,020
- Funds due
- $55,101
- Interest + MI left
- $401,969
- First ends
- Oct 2045
New loan
New conventional
$2,975/mo
+$1,560/mo- Down payment
- $43,020
- Funds due
- $51,731
- Interest + MI left
- $579,222
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,980 | $184,980 | $381,980 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,161.07 | $1,161.07 | $2,644.75 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $76.40 |
| Taxes, insurance & HOA | $253.83 | $253.83 | $253.83 |
| Total housing payment | $1,414.91 | $2,860.42 | $2,974.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,020
Closing costs & prepaids$12,081
Usable credit−$0
Total buyer cash needed$55,101
Earnest money paid−$0
Remaining funds due$55,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$924.90
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)$311.50
Prepaid interest, first (2 days)$40.34
Prepaid interest, second (2 days)$86.36
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 closing18 yr 11 moOf the original 30-year loan at 3.980%
Interest already paid$95,615Through Nov 2026
Assumption only · ends Oct 2045$78,583
Assumption + second · ends Oct 2045, second Dec 2056$401,969
New conventional · ends Dec 2056$579,222