Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,225/mo
Lowest payment- Down payment
- $331,866
- Funds due
- $343,192
- Interest + MI left
- $45,323
- First ends
- Apr 2045
Assumption
Assumption + second
$3,274/mo
+$2,049/mo- Down payment
- $45,866
- Funds due
- $58,503
- Interest + MI left
- $496,941
- First ends
- Apr 2045
New loan
New conventional
$3,364/mo
+$2,139/mo- Down payment
- $45,866
- Funds due
- $55,420
- Interest + MI left
- $612,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,034 | $118,034 | $404,034 |
| Second mortgage | — | $286,000 | — |
| First P&I | $739.17 | $739.17 | $2,797.45 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $485.50 | $485.50 | $485.50 |
| Total housing payment | $1,224.67 | $3,273.61 | $3,363.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,866
Closing costs & prepaids$12,636
Usable credit−$0
Total buyer cash needed$58,503
Earnest money paid−$0
Remaining funds due$58,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$590.17
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)$546.00
Initial HOA (3 months)$460.50
Prepaid interest, first (1 days)$12.06
Prepaid interest, second (1 days)$60.73
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 closing18 yr 5 moOf the original 30-year loan at 3.730%
Interest already paid$60,778Through Nov 2026
Assumption only · ends Apr 2045$45,323
Assumption + second · ends Apr 2045, second Dec 2056$496,941
New conventional · ends Dec 2056$612,664