Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$919/mo
Lowest payment- Down payment
- $274,336
- Funds due
- $284,346
- Interest + MI left
- $34,608
- First ends
- May 2045
Assumption
Assumption + second
$2,617/mo
+$1,698/mo- Down payment
- $37,336
- Funds due
- $49,049
- Interest + MI left
- $408,851
- First ends
- May 2045
New loan
New conventional
$2,637/mo
+$1,718/mo- Down payment
- $37,336
- Funds due
- $46,224
- Interest + MI left
- $479,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,664 | $90,664 | $327,664 |
| Second mortgage | — | $237,000 | — |
| First P&I | $566.84 | $566.84 | $2,219.71 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $65.53 |
| Taxes, insurance & HOA | $352.00 | $352.00 | $352.00 |
| Total housing payment | $918.84 | $2,616.74 | $2,637.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,336
Closing costs & prepaids$11,713
Usable credit−$0
Total buyer cash needed$49,049
Earnest money paid−$0
Remaining funds due$49,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$453.32
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)$438.00
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$82.94
Prepaid interest, second (9 days)$452.90
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 closing18 yr 5 moOf the original 30-year loan at 3.71%
Interest already paid$46,456Through Dec 2026
Assumption only · ends May 2045$34,608
Assumption + second · ends May 2045, second Jan 2057$408,851
New conventional · ends Jan 2057$479,033