Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,026/mo
Lowest payment- Down payment
- $302,766
- Funds due
- $313,358
- Interest + MI left
- $35,812
- First ends
- Jun 2045
Assumption
Assumption + second
$2,889/mo
+$1,863/mo- Down payment
- $42,766
- Funds due
- $54,718
- Interest + MI left
- $446,374
- First ends
- Jun 2045
New loan
New conventional
$3,027/mo
+$2,001/mo- Down payment
- $42,766
- Funds due
- $51,685
- Interest + MI left
- $571,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,134 | $117,134 | $377,134 |
| Second mortgage | — | $260,000 | — |
| First P&I | $685.86 | $685.86 | $2,611.20 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | — | — | $75.43 |
| Taxes, insurance & HOA | $340.00 | $340.00 | $340.00 |
| Total housing payment | $1,025.86 | $2,888.53 | $3,026.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,766
Closing costs & prepaids$11,952
Usable credit−$0
Total buyer cash needed$54,718
Earnest money paid−$0
Remaining funds due$54,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$585.67
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)$370.00
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$19.25
Prepaid interest, second (2 days)$110.41
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 7 moOf the original 24-year loan at 3.000%
Interest already paid$21,029Through Nov 2026
Assumption only · ends Jun 2045$35,812
Assumption + second · ends Jun 2045, second Dec 2056$446,374
New conventional · ends Dec 2056$571,874