Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,254/mo
Lowest payment- Down payment
- $608,306
- Funds due
- $622,830
- Interest + MI left
- $20,446
- First ends
- Apr 2043
Assumption
Assumption + second
$5,123/mo
+$3,869/mo- Down payment
- $68,306
- Funds due
- $84,883
- Interest + MI left
- $873,151
- First ends
- Apr 2043
New loan
New conventional
$5,041/mo
+$3,787/mo- Down payment
- $68,306
- Funds due
- $81,812
- Interest + MI left
- $887,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,694 | $66,694 | $606,694 |
| Second mortgage | — | $540,000 | — |
| First P&I | $444.59 | $444.59 | $4,109.96 |
| Second P&I | — | $3,868.63 | — |
| Mortgage insurance | — | — | $121.34 |
| Taxes, insurance & HOA | $809.67 | $809.67 | $809.67 |
| Total housing payment | $1,254.26 | $5,122.88 | $5,040.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,306
Closing costs & prepaids$16,577
Usable credit−$0
Total buyer cash needed$84,883
Earnest money paid−$0
Remaining funds due$84,883
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%)$333.47
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
Initial HOA (3 months)$1,119.00
Prepaid interest, first (7 days)$43.74
Prepaid interest, second (7 days)$802.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.42%
Interest already paid$39,607Through Dec 2026
Assumption only · ends Apr 2043$20,446
Assumption + second · ends Apr 2043, second Jan 2057$873,151
New conventional · ends Jan 2057$887,087