Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,039/mo
Lowest payment- Down payment
- $518,718
- Funds due
- $534,490
- Interest + MI left
- $96,311
- First ends
- Apr 2044
Assumption
Assumption + second
$5,220/mo
+$3,181/mo- Down payment
- $74,718
- Funds due
- $92,306
- Interest + MI left
- $797,424
- First ends
- Apr 2044
New loan
New conventional
$5,152/mo
+$3,113/mo- Down payment
- $74,718
- Funds due
- $88,468
- Interest + MI left
- $972,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,182 | $221,182 | $665,182 |
| Second mortgage | — | $444,000 | — |
| First P&I | $1,526.41 | $1,526.41 | $4,506.17 |
| Second P&I | — | $3,180.87 | — |
| Mortgage insurance | — | — | $133.04 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $2,039.08 | $5,219.95 | $5,151.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,718
Closing costs & prepaids$17,588
Usable credit−$0
Total buyer cash needed$92,306
Earnest money paid−$0
Remaining funds due$92,306
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,105.91
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)$888.00
Prepaid interest, first (6 days)$161.43
Prepaid interest, second (6 days)$565.64
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 closing17 yr 4 moOf the original 30-year loan at 4.44%
Interest already paid$149,812Through Dec 2026
Assumption only · ends Apr 2044$96,311
Assumption + second · ends Apr 2044, second Jan 2057$797,424
New conventional · ends Jan 2057$972,606