Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,509/mo
Lowest payment- Down payment
- $347,512
- Funds due
- $360,120
- Interest + MI left
- $55,902
- First ends
- Jun 2045
Assumption
Assumption + second
$3,623/mo
+$2,113/mo- Down payment
- $52,512
- Funds due
- $66,933
- Interest + MI left
- $521,732
- First ends
- Jun 2045
New loan
New conventional
$3,741/mo
+$2,232/mo- Down payment
- $52,512
- Funds due
- $63,631
- Interest + MI left
- $683,530
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,478 | $172,478 | $467,478 |
| Second mortgage | — | $295,000 | — |
| First P&I | $1,028.74 | $1,028.74 | $3,166.86 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | — | — | $93.50 |
| Taxes, insurance & HOA | $480.67 | $480.67 | $480.67 |
| Total housing payment | $1,509.41 | $3,622.82 | $3,741.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,512
Closing costs & prepaids$14,421
Usable credit−$0
Total buyer cash needed$66,933
Earnest money paid−$0
Remaining funds due$66,933
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$862.39
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$624.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$135.24
Prepaid interest, second (9 days)$563.73
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 6 moOf the original 24-year loan at 3.18%
Interest already paid$33,324Through Dec 2026
Assumption only · ends Jun 2045$55,902
Assumption + second · ends Jun 2045, second Jan 2057$521,732
New conventional · ends Jan 2057$683,530