Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,215/mo
Lowest payment- Down payment
- $325,323
- Funds due
- $336,511
- Interest + MI left
- $33,561
- First ends
- Feb 2043
Assumption
Assumption + second
$3,228/mo
+$2,013/mo- Down payment
- $44,323
- Funds due
- $57,298
- Interest + MI left
- $477,283
- First ends
- Feb 2043
New loan
New conventional
$3,211/mo
+$1,995/mo- Down payment
- $44,323
- Funds due
- $54,308
- Interest + MI left
- $578,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,677 | $114,677 | $395,677 |
| Second mortgage | — | $281,000 | — |
| First P&I | $764.11 | $764.11 | $2,680.45 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | — | — | $79.14 |
| Taxes, insurance & HOA | $451.00 | $451.00 | $451.00 |
| Total housing payment | $1,215.11 | $3,228.23 | $3,210.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,323
Closing costs & prepaids$12,975
Usable credit−$0
Total buyer cash needed$57,298
Earnest money paid−$0
Remaining funds due$57,298
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$573.38
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)$528.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$93.60
Prepaid interest, second (9 days)$536.98
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 closing16 yr 2 moOf the original 30-year loan at 3.31%
Interest already paid$67,266Through Dec 2026
Assumption only · ends Feb 2043$33,561
Assumption + second · ends Feb 2043, second Jan 2057$477,283
New conventional · ends Jan 2057$578,545