Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,046/mo
Lowest payment- Down payment
- $447,412
- Funds due
- $461,672
- Interest + MI left
- $42,739
- First ends
- Dec 2040
Assumption
Assumption + second
$4,761/mo
+$2,715/mo- Down payment
- $68,412
- Funds due
- $84,405
- Interest + MI left
- $641,212
- First ends
- Dec 2040
New loan
New conventional
$4,667/mo
+$2,621/mo- Down payment
- $68,412
- Funds due
- $80,679
- Interest + MI left
- $886,932
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,588 | $227,588 | $606,588 |
| Second mortgage | — | $379,000 | — |
| First P&I | $1,609.09 | $1,609.09 | $4,109.24 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | — | — | $121.32 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $2,045.76 | $4,760.96 | $4,667.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,412
Closing costs & prepaids$15,993
Usable credit−$0
Total buyer cash needed$84,405
Earnest money paid−$0
Remaining funds due$84,405
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,137.94
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)$810.00
Prepaid interest, first (6 days)$94.28
Prepaid interest, second (6 days)$482.84
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 closing14 yrOf the original 20-year loan at 2.52%
Interest already paid$40,343Through Dec 2026
Assumption only · ends Dec 2040$42,739
Assumption + second · ends Dec 2040, second Jan 2057$641,212
New conventional · ends Jan 2057$886,932