Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $309,753
- Funds due
- $319,978
- Interest + MI left
- $16,384
- First ends
- Jan 2034
Assumption
Assumption + second
$3,380/mo
+$1,941/mo- Down payment
- $38,753
- Funds due
- $50,286
- Interest + MI left
- $444,316
- First ends
- Jan 2034
New loan
New conventional
$2,862/mo
+$1,424/mo- Down payment
- $38,753
- Funds due
- $47,504
- Interest + MI left
- $517,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,247 | $70,247 | $341,247 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,007.33 | $1,007.33 | $2,362.73 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $68.25 |
| Taxes, insurance & HOA | $431.50 | $431.50 | $431.50 |
| Total housing payment | $1,438.83 | $3,380.31 | $2,862.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,753
Closing costs & prepaids$11,533
Usable credit−$0
Total buyer cash needed$50,286
Earnest money paid−$0
Remaining funds due$50,286
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$351.23
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)$427.50
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$11.57
Prepaid interest, second (1 days)$57.54
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 closing7 yr 2 moOf the original 30-year loan at 6.010%
Interest already paid$178,422Through Nov 2026
Assumption only · ends Jan 2034$16,384
Assumption + second · ends Jan 2034, second Dec 2056$444,316
New conventional · ends Dec 2056$517,456