Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $459,905
- Funds due
- $472,902
- Interest + MI left
- $50,845
- First ends
- Sep 2040
Assumption
Assumption + second
$4,422/mo
+$2,858/mo- Down payment
- $60,905
- Funds due
- $75,660
- Interest + MI left
- $680,899
- First ends
- Sep 2040
New loan
New conventional
$4,167/mo
+$2,603/mo- Down payment
- $60,905
- Funds due
- $72,327
- Interest + MI left
- $788,138
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,095 | $140,095 | $539,095 |
| Second mortgage | — | $399,000 | — |
| First P&I | $1,157.21 | $1,157.21 | $3,652.02 |
| Second P&I | — | $2,858.48 | — |
| Mortgage insurance | — | — | $107.82 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $1,563.88 | $4,422.37 | $4,166.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,905
Closing costs & prepaids$14,756
Usable credit−$0
Total buyer cash needed$75,660
Earnest money paid−$0
Remaining funds due$75,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$700.48
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)$720.00
Prepaid interest, first (6 days)$109.16
Prepaid interest, second (6 days)$508.32
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 closing13 yr 9 moOf the original 30-year loan at 4.74%
Interest already paid$143,657Through Dec 2026
Assumption only · ends Sep 2040$50,845
Assumption + second · ends Sep 2040, second Jan 2057$680,899
New conventional · ends Jan 2057$788,138