Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $327,006
- Funds due
- $337,707
- Interest + MI left
- $31,108
- First ends
- Feb 2042
Assumption
Assumption + second
$3,116/mo
+$2,042/mo- Down payment
- $42,006
- Funds due
- $54,501
- Interest + MI left
- $481,147
- First ends
- Feb 2042
New loan
New conventional
$3,028/mo
+$1,954/mo- Down payment
- $42,006
- Funds due
- $51,606
- Interest + MI left
- $552,690
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,994 | $92,994 | $377,994 |
| Second mortgage | — | $285,000 | — |
| First P&I | $681.88 | $681.88 | $2,560.66 |
| Second P&I | — | $2,041.77 | — |
| Mortgage insurance | — | — | $75.60 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,073.88 | $3,115.65 | $3,028.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,006
Closing costs & prepaids$12,495
Usable credit−$0
Total buyer cash needed$54,501
Earnest money paid−$0
Remaining funds due$54,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$464.97
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)$504.00
Initial HOA (3 months)$222.00
Prepaid interest, first (9 days)$91.49
Prepaid interest, second (9 days)$544.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 3.99%
Interest already paid$71,368Through Dec 2026
Assumption only · ends Feb 2042$31,108
Assumption + second · ends Feb 2042, second Jan 2057$481,147
New conventional · ends Jan 2057$552,690