Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,113/mo
Lowest payment- Down payment
- $307,877
- Funds due
- $318,396
- Interest + MI left
- $36,004
- First ends
- Jul 2042
Assumption
Assumption + second
$3,018/mo
+$1,906/mo- Down payment
- $41,877
- Funds due
- $53,703
- Interest + MI left
- $456,041
- First ends
- Jul 2042
New loan
New conventional
$3,009/mo
+$1,897/mo- Down payment
- $41,877
- Funds due
- $50,713
- Interest + MI left
- $565,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,123 | $107,123 | $373,123 |
| Second mortgage | — | $266,000 | — |
| First P&I | $761.32 | $761.32 | $2,583.43 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | — | — | $74.62 |
| Taxes, insurance & HOA | $351.33 | $351.33 | $351.33 |
| Total housing payment | $1,112.65 | $3,018.31 | $3,009.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,877
Closing costs & prepaids$11,825
Usable credit−$0
Total buyer cash needed$53,703
Earnest money paid−$0
Remaining funds due$53,703
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$535.61
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)$322.00
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$11.39
Prepaid interest, second (1 days)$56.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing15 yr 8 moOf the original 30-year loan at 3.880%
Interest already paid$76,267Through Nov 2026
Assumption only · ends Jul 2042$36,004
Assumption + second · ends Jul 2042, second Dec 2056$456,041
New conventional · ends Dec 2056$565,866