Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$970/mo
Lowest payment- Down payment
- $245,807
- Funds due
- $255,459
- Interest + MI left
- $15,840
- First ends
- Dec 2040
Assumption
Assumption + second
$2,489/mo
+$1,519/mo- Down payment
- $33,807
- Funds due
- $45,114
- Interest + MI left
- $350,606
- First ends
- Dec 2040
New loan
New conventional
$2,446/mo
+$1,475/mo- Down payment
- $33,807
- Funds due
- $42,362
- Interest + MI left
- $440,394
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,193 | $89,193 | $301,193 |
| Second mortgage | — | $212,000 | — |
| First P&I | $625.20 | $625.20 | $2,040.39 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $60.24 |
| Taxes, insurance & HOA | $345.00 | $345.00 | $345.00 |
| Total housing payment | $970.20 | $2,488.99 | $2,445.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,807
Closing costs & prepaids$11,307
Usable credit−$0
Total buyer cash needed$45,114
Earnest money paid−$0
Remaining funds due$45,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$445.96
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)$402.00
Initial HOA (3 months)$183.00
Prepaid interest, first (9 days)$52.56
Prepaid interest, second (9 days)$405.12
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 closing14 yrOf the original 20-year loan at 2.39%
Interest already paid$15,022Through Dec 2026
Assumption only · ends Dec 2040$15,840
Assumption + second · ends Dec 2040, second Jan 2057$350,606
New conventional · ends Jan 2057$440,394