Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,351/mo
Lowest payment- Down payment
- $404,357
- Funds due
- $416,738
- Interest + MI left
- $31,874
- First ends
- Dec 2041
Assumption
Assumption + second
$3,859/mo
+$2,507/mo- Down payment
- $54,357
- Funds due
- $68,433
- Interest + MI left
- $584,553
- First ends
- Dec 2041
New loan
New conventional
$3,801/mo
+$2,450/mo- Down payment
- $54,357
- Funds due
- $65,249
- Interest + MI left
- $703,414
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,143 | $131,143 | $481,143 |
| Second mortgage | — | $350,000 | — |
| First P&I | $905.65 | $905.65 | $3,259.43 |
| Second P&I | — | $2,507.44 | — |
| Mortgage insurance | — | — | $96.23 |
| Taxes, insurance & HOA | $445.83 | $445.83 | $445.83 |
| Total housing payment | $1,351.49 | $3,858.93 | $3,801.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,357
Closing costs & prepaids$14,077
Usable credit−$0
Total buyer cash needed$68,433
Earnest money paid−$0
Remaining funds due$68,433
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,355.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$655.72
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$642.50
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$64.67
Prepaid interest, second (6 days)$445.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing15 yrOf the original 30-year loan at 3%
Interest already paid$79,350Through Dec 2026
Assumption only · ends Dec 2041$31,874
Assumption + second · ends Dec 2041, second Jan 2057$584,553
New conventional · ends Jan 2057$703,414