Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$835/mo
Lowest payment- Down payment
- $222,431
- Funds due
- $231,473
- Interest + MI left
- $29,693
- First ends
- May 2043
Assumption
Assumption + second
$2,229/mo
+$1,394/mo- Down payment
- $32,431
- Funds due
- $42,765
- Interest + MI left
- $341,588
- First ends
- May 2043
New loan
New conventional
$2,230/mo
+$1,395/mo- Down payment
- $32,431
- Funds due
- $39,941
- Interest + MI left
- $428,422
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,569 | $92,569 | $282,569 |
| Second mortgage | — | $190,000 | — |
| First P&I | $617.49 | $617.49 | $1,956.45 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $56.51 |
| Taxes, insurance & HOA | $217.50 | $217.50 | $217.50 |
| Total housing payment | $834.99 | $2,229.14 | $2,230.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,431
Closing costs & prepaids$10,334
Usable credit−$0
Total buyer cash needed$42,765
Earnest money paid−$0
Remaining funds due$42,765
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$462.85
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)$202.50
Prepaid interest, first (1 days)$8.95
Prepaid interest, second (1 days)$41.64
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 closing16 yr 6 moOf the original 30-year loan at 3.530%
Interest already paid$55,602Through Nov 2026
Assumption only · ends May 2043$29,693
Assumption + second · ends May 2043, second Dec 2056$341,588
New conventional · ends Dec 2056$428,422