Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $280,409
- Funds due
- $290,415
- Interest + MI left
- $16,032
- First ends
- Jan 2034
Assumption
Assumption + second
$3,192/mo
+$1,755/mo- Down payment
- $35,409
- Funds due
- $47,133
- Interest + MI left
- $402,908
- First ends
- Jan 2034
New loan
New conventional
$2,623/mo
+$1,187/mo- Down payment
- $35,409
- Funds due
- $44,374
- Interest + MI left
- $459,984
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,591 | $69,591 | $314,591 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,007.33 | $1,007.33 | $2,131.15 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $62.92 |
| Taxes, insurance & HOA | $429.00 | $429.00 | $429.00 |
| Total housing payment | $1,436.33 | $3,191.54 | $2,623.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,409
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$47,133
Earnest money paid−$0
Remaining funds due$47,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$347.96
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)$420.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$103.13
Prepaid interest, second (9 days)$468.18
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 closing7 yr 1 moOf the original 30-year loan at 6.01%
Interest already paid$178,773Through Dec 2026
Assumption only · ends Jan 2034$16,032
Assumption + second · ends Jan 2034, second Jan 2057$402,908
New conventional · ends Jan 2057$459,984