Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,000/mo
Lowest payment- Down payment
- $287,670
- Funds due
- $298,023
- Interest + MI left
- $38,086
- First ends
- Feb 2045
Assumption
Assumption + second
$2,770/mo
+$1,770/mo- Down payment
- $40,670
- Funds due
- $52,745
- Interest + MI left
- $428,120
- First ends
- Feb 2045
New loan
New conventional
$2,816/mo
+$1,816/mo- Down payment
- $40,670
- Funds due
- $49,804
- Interest + MI left
- $525,327
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,329 | $112,329 | $359,329 |
| Second mortgage | — | $247,000 | — |
| First P&I | $689.98 | $689.98 | $2,434.22 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $71.87 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $999.98 | $2,769.51 | $2,816.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,670
Closing costs & prepaids$12,075
Usable credit−$0
Total buyer cash needed$52,745
Earnest money paid−$0
Remaining funds due$52,745
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$561.64
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)$480.00
Prepaid interest, first (9 days)$93.48
Prepaid interest, second (9 days)$472.01
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 2 moOf the original 30-year loan at 3.375%
Interest already paid$54,236Through Dec 2026
Assumption only · ends Feb 2045$38,086
Assumption + second · ends Feb 2045, second Jan 2057$428,120
New conventional · ends Jan 2057$525,327