Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,344/mo
Lowest payment- Down payment
- $471,794
- Funds due
- $484,750
- Interest + MI left
- $42,487
- First ends
- May 2042
Assumption
Assumption + second
$4,288/mo
+$2,944/mo- Down payment
- $60,794
- Funds due
- $75,523
- Interest + MI left
- $691,491
- First ends
- May 2042
New loan
New conventional
$4,180/mo
+$2,836/mo- Down payment
- $60,794
- Funds due
- $72,266
- Interest + MI left
- $786,839
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,206 | $127,206 | $538,206 |
| Second mortgage | — | $411,000 | — |
| First P&I | $917.26 | $917.26 | $3,645.99 |
| Second P&I | — | $2,944.45 | — |
| Mortgage insurance | — | — | $107.64 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $1,343.93 | $4,288.38 | $4,180.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,794
Closing costs & prepaids$14,730
Usable credit−$0
Total buyer cash needed$75,523
Earnest money paid−$0
Remaining funds due$75,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$636.03
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)$718.75
Initial HOA (3 months)$61.26
Prepaid interest, first (6 days)$81.97
Prepaid interest, second (6 days)$523.60
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 3.92%
Interest already paid$93,727Through Dec 2026
Assumption only · ends May 2042$42,487
Assumption + second · ends May 2042, second Jan 2057$691,491
New conventional · ends Jan 2057$786,839