Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$826/mo
Lowest payment- Down payment
- $205,227
- Funds due
- $214,195
- Interest + MI left
- $37,918
- First ends
- Aug 2045
Assumption
Assumption + second
$2,110/mo
+$1,284/mo- Down payment
- $30,227
- Funds due
- $40,521
- Interest + MI left
- $325,190
- First ends
- Aug 2045
New loan
New conventional
$2,155/mo
+$1,329/mo- Down payment
- $30,227
- Funds due
- $37,720
- Interest + MI left
- $407,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,773 | $93,773 | $268,773 |
| Second mortgage | — | $175,000 | — |
| First P&I | $585.30 | $585.30 | $1,860.93 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $53.75 |
| Taxes, insurance & HOA | $240.42 | $240.42 | $240.42 |
| Total housing payment | $825.71 | $2,109.80 | $2,155.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,227
Closing costs & prepaids$10,295
Usable credit−$0
Total buyer cash needed$40,521
Earnest money paid−$0
Remaining funds due$40,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$468.87
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)$271.25
Prepaid interest, first (2 days)$19.73
Prepaid interest, second (2 days)$76.71
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 9 moOf the original 30-year loan at 3.840%
Interest already paid$47,788Through Nov 2026
Assumption only · ends Aug 2045$37,918
Assumption + second · ends Aug 2045, second Dec 2056$325,190
New conventional · ends Dec 2056$407,559