Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $376,541
- Funds due
- $388,788
- Interest + MI left
- $45,978
- First ends
- Apr 2043
Assumption
Assumption + second
$3,707/mo
+$2,314/mo- Down payment
- $53,541
- Funds due
- $67,450
- Interest + MI left
- $556,022
- First ends
- Apr 2043
New loan
New conventional
$3,693/mo
+$2,300/mo- Down payment
- $53,541
- Funds due
- $64,182
- Interest + MI left
- $692,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,459 | $150,459 | $473,459 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,002.23 | $1,002.23 | $3,207.38 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | — | — | $94.69 |
| Taxes, insurance & HOA | $390.75 | $390.75 | $390.75 |
| Total housing payment | $1,392.98 | $3,706.99 | $3,692.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,541
Closing costs & prepaids$13,908
Usable credit−$0
Total buyer cash needed$67,450
Earnest money paid−$0
Remaining funds due$67,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,270.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$752.29
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)$632.50
Initial HOA (3 months)$39.75
Prepaid interest, first (6 days)$84.34
Prepaid interest, second (6 days)$411.49
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 closing16 yr 4 moOf the original 30-year loan at 3.41%
Interest already paid$89,115Through Dec 2026
Assumption only · ends Apr 2043$45,978
Assumption + second · ends Apr 2043, second Jan 2057$556,022
New conventional · ends Jan 2057$692,181