Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,917/mo
Lowest payment- Down payment
- $505,099
- Funds due
- $519,653
- Interest + MI left
- $63,122
- First ends
- Dec 2041
Assumption
Assumption + second
$5,040/mo
+$3,124/mo- Down payment
- $69,099
- Funds due
- $85,551
- Interest + MI left
- $751,603
- First ends
- Dec 2041
New loan
New conventional
$4,869/mo
+$2,952/mo- Down payment
- $69,099
- Funds due
- $81,954
- Interest + MI left
- $907,860
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,901 | $184,901 | $620,901 |
| Second mortgage | — | $436,000 | — |
| First P&I | $1,377.91 | $1,377.91 | $4,206.20 |
| Second P&I | — | $3,123.56 | — |
| Mortgage insurance | — | — | $124.18 |
| Taxes, insurance & HOA | $538.67 | $538.67 | $538.67 |
| Total housing payment | $1,916.57 | $5,040.13 | $4,869.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,099
Closing costs & prepaids$16,452
Usable credit−$0
Total buyer cash needed$85,551
Earnest money paid−$0
Remaining funds due$85,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$924.51
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)$828.00
Initial HOA (3 months)$288.00
Prepaid interest, first (7 days)$145.74
Prepaid interest, second (7 days)$648.03
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 closing15 yrOf the original 30-year loan at 4.11%
Interest already paid$148,103Through Dec 2026
Assumption only · ends Dec 2041$63,122
Assumption + second · ends Dec 2041, second Jan 2057$751,603
New conventional · ends Jan 2057$907,860