Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,122/mo
Lowest payment- Down payment
- $509,434
- Funds due
- $525,438
- Interest + MI left
- $70,616
- First ends
- Apr 2043
Assumption
Assumption + second
$5,231/mo
+$3,109/mo- Down payment
- $75,434
- Funds due
- $93,241
- Interest + MI left
- $755,938
- First ends
- Apr 2043
New loan
New conventional
$5,229/mo
+$3,108/mo- Down payment
- $75,434
- Funds due
- $89,374
- Interest + MI left
- $979,016
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,566 | $235,566 | $669,566 |
| Second mortgage | — | $434,000 | — |
| First P&I | $1,562.15 | $1,562.15 | $4,535.87 |
| Second P&I | — | $3,109.23 | — |
| Mortgage insurance | — | — | $133.91 |
| Taxes, insurance & HOA | $559.67 | $559.67 | $559.67 |
| Total housing payment | $2,121.82 | $5,231.05 | $5,229.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,434
Closing costs & prepaids$17,807
Usable credit−$0
Total buyer cash needed$93,241
Earnest money paid−$0
Remaining funds due$93,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,177.83
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$894.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$129.72
Prepaid interest, second (6 days)$552.90
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 3.35%
Interest already paid$137,299Through Dec 2026
Assumption only · ends Apr 2043$70,616
Assumption + second · ends Apr 2043, second Jan 2057$755,938
New conventional · ends Jan 2057$979,016