Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$942/mo
Lowest payment- Down payment
- $274,050
- Funds due
- $284,067
- Interest + MI left
- $34,890
- First ends
- May 2045
Assumption
Assumption + second
$2,640/mo
+$1,698/mo- Down payment
- $37,050
- Funds due
- $48,418
- Interest + MI left
- $409,132
- First ends
- May 2045
New loan
New conventional
$2,711/mo
+$1,769/mo- Down payment
- $37,050
- Funds due
- $45,563
- Interest + MI left
- $497,293
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,950 | $90,950 | $327,950 |
| Second mortgage | — | $237,000 | — |
| First P&I | $566.84 | $566.84 | $2,270.66 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $65.59 |
| Taxes, insurance & HOA | $375.25 | $375.25 | $375.25 |
| Total housing payment | $942.09 | $2,639.99 | $2,711.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,050
Closing costs & prepaids$11,368
Usable credit−$0
Total buyer cash needed$48,418
Earnest money paid−$0
Remaining funds due$48,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$454.75
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)$507.75
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$18.49
Prepaid interest, second (2 days)$100.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.710%
Interest already paid$46,174Through Nov 2026
Assumption only · ends May 2045$34,890
Assumption + second · ends May 2045, second Dec 2056$409,132
New conventional · ends Dec 2056$497,293