Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$848/mo
Lowest payment- Down payment
- $240,858
- Funds due
- $250,340
- Interest + MI left
- $41,074
- First ends
- Nov 2046
Assumption
Assumption + second
$2,324/mo
+$1,476/mo- Down payment
- $34,858
- Funds due
- $45,634
- Interest + MI left
- $366,366
- First ends
- Nov 2046
New loan
New conventional
$2,458/mo
+$1,610/mo- Down payment
- $34,858
- Funds due
- $42,721
- Interest + MI left
- $473,384
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,142 | $106,142 | $312,142 |
| Second mortgage | — | $206,000 | — |
| First P&I | $613.40 | $613.40 | $2,161.21 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | — | — | $62.43 |
| Taxes, insurance & HOA | $234.50 | $234.50 | $234.50 |
| Total housing payment | $847.90 | $2,323.71 | $2,458.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,858
Closing costs & prepaids$10,776
Usable credit−$0
Total buyer cash needed$45,634
Earnest money paid−$0
Remaining funds due$45,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,470.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$530.71
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)$253.50
Prepaid interest, first (1 days)$10.06
Prepaid interest, second (1 days)$43.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing20 yrOf the original 30-year loan at 3.460%
Interest already paid$42,467Through Nov 2026
Assumption only · ends Nov 2046$41,074
Assumption + second · ends Nov 2046, second Dec 2056$366,366
New conventional · ends Dec 2056$473,384