Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,141/mo
Lowest payment- Down payment
- $620,096
- Funds due
- $637,041
- Interest + MI left
- $68,226
- First ends
- Apr 2042
Assumption
Assumption + second
$5,988/mo
+$3,847/mo- Down payment
- $83,096
- Funds due
- $101,975
- Interest + MI left
- $916,194
- First ends
- Apr 2042
New loan
New conventional
$5,831/mo
+$3,690/mo- Down payment
- $83,096
- Funds due
- $98,136
- Interest + MI left
- $1,084,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,904 | $204,904 | $741,904 |
| Second mortgage | — | $537,000 | — |
| First P&I | $1,484.40 | $1,484.40 | $5,025.92 |
| Second P&I | — | $3,847.13 | — |
| Mortgage insurance | — | — | $148.38 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $2,141.07 | $5,988.20 | $5,830.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,096
Closing costs & prepaids$18,879
Usable credit−$0
Total buyer cash needed$101,975
Earnest money paid−$0
Remaining funds due$101,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,024.52
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)$990.00
Initial HOA (3 months)$330.00
Prepaid interest, first (6 days)$132.37
Prepaid interest, second (6 days)$684.12
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 closing15 yr 4 moOf the original 30-year loan at 3.93%
Interest already paid$152,589Through Dec 2026
Assumption only · ends Apr 2042$68,226
Assumption + second · ends Apr 2042, second Jan 2057$916,194
New conventional · ends Jan 2057$1,084,786