Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,800/mo
Lowest payment- Down payment
- $477,041
- Funds due
- $492,403
- Interest + MI left
- $68,810
- First ends
- Dec 2045
Assumption
Assumption + second
$4,709/mo
+$2,909/mo- Down payment
- $71,041
- Funds due
- $88,170
- Interest + MI left
- $709,918
- First ends
- Dec 2045
New loan
New conventional
$4,920/mo
+$3,120/mo- Down payment
- $71,041
- Funds due
- $84,400
- Interest + MI left
- $926,953
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,959 | $227,959 | $633,959 |
| Second mortgage | — | $406,000 | — |
| First P&I | $1,301.62 | $1,301.62 | $4,294.66 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | — | — | $126.79 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $1,800.29 | $4,708.92 | $4,920.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,041
Closing costs & prepaids$17,130
Usable credit−$0
Total buyer cash needed$88,170
Earnest money paid−$0
Remaining funds due$88,170
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,139.80
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)$846.00
Prepaid interest, first (6 days)$108.67
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 closing19 yrOf the original 25-year loan at 2.9%
Interest already paid$44,161Through Dec 2026
Assumption only · ends Dec 2045$68,810
Assumption + second · ends Dec 2045, second Jan 2057$709,918
New conventional · ends Jan 2057$926,953