Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $418,932
- Funds due
- $431,450
- Interest + MI left
- $43,412
- First ends
- May 2042
Assumption
Assumption + second
$3,980/mo
+$2,601/mo- Down payment
- $55,932
- Funds due
- $70,162
- Interest + MI left
- $616,620
- First ends
- May 2042
New loan
New conventional
$3,882/mo
+$2,503/mo- Down payment
- $55,932
- Funds due
- $66,941
- Interest + MI left
- $722,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,068 | $131,068 | $494,068 |
| Second mortgage | — | $363,000 | — |
| First P&I | $943.13 | $943.13 | $3,346.99 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | — | — | $98.81 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $1,379.80 | $3,980.38 | $3,882.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,932
Closing costs & prepaids$14,230
Usable credit−$0
Total buyer cash needed$70,162
Earnest money paid−$0
Remaining funds due$70,162
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$655.34
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)$660.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$83.81
Prepaid interest, second (6 days)$462.45
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 yr 5 moOf the original 30-year loan at 3.89%
Interest already paid$95,916Through Dec 2026
Assumption only · ends May 2042$43,412
Assumption + second · ends May 2042, second Jan 2057$616,620
New conventional · ends Jan 2057$722,310