Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,126/mo
Lowest payment- Down payment
- $478,376
- Funds due
- $494,052
- Interest + MI left
- $72,738
- First ends
- Apr 2043
Assumption
Assumption + second
$5,034/mo
+$2,909/mo- Down payment
- $72,376
- Funds due
- $89,819
- Interest + MI left
- $713,846
- First ends
- Apr 2043
New loan
New conventional
$5,029/mo
+$2,903/mo- Down payment
- $72,376
- Funds due
- $85,978
- Interest + MI left
- $939,476
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,524 | $236,524 | $642,524 |
| Second mortgage | — | $406,000 | — |
| First P&I | $1,577.87 | $1,577.87 | $4,352.68 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | — | — | $128.50 |
| Taxes, insurance & HOA | $547.67 | $547.67 | $547.67 |
| Total housing payment | $2,125.53 | $5,034.17 | $5,028.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,376
Closing costs & prepaids$17,443
Usable credit−$0
Total buyer cash needed$89,819
Earnest money paid−$0
Remaining funds due$89,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,182.62
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)$858.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$133.36
Prepaid interest, second (6 days)$517.23
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 3.43%
Interest already paid$140,834Through Dec 2026
Assumption only · ends Apr 2043$72,738
Assumption + second · ends Apr 2043, second Jan 2057$713,846
New conventional · ends Jan 2057$939,476