Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $404,284
- Funds due
- $417,169
- Interest + MI left
- $54,461
- First ends
- May 2043
Assumption
Assumption + second
$4,021/mo
+$2,479/mo- Down payment
- $58,284
- Funds due
- $72,934
- Interest + MI left
- $600,824
- First ends
- May 2043
New loan
New conventional
$4,003/mo
+$2,461/mo- Down payment
- $58,284
- Funds due
- $69,536
- Interest + MI left
- $755,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,716 | $170,716 | $516,716 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,143.03 | $1,143.03 | $3,500.41 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $103.34 |
| Taxes, insurance & HOA | $399.59 | $399.59 | $399.59 |
| Total housing payment | $1,542.62 | $4,021.41 | $4,003.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,284
Closing costs & prepaids$14,650
Usable credit−$0
Total buyer cash needed$72,934
Earnest money paid−$0
Remaining funds due$72,934
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$853.58
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)$690.00
Initial HOA (3 months)$8.76
Prepaid interest, first (7 days)$115.57
Prepaid interest, second (7 days)$514.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5 moOf the original 30-year loan at 3.53%
Interest already paid$103,430Through Dec 2026
Assumption only · ends May 2043$54,461
Assumption + second · ends May 2043, second Jan 2057$600,824
New conventional · ends Jan 2057$755,524