Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$892/mo
Lowest payment- Down payment
- $498,128
- Funds due
- $510,404
- Interest + MI left
- $20,352
- First ends
- Jul 2042
Assumption
Assumption + second
$4,052/mo
+$3,159/mo- Down payment
- $57,128
- Funds due
- $71,310
- Interest + MI left
- $716,728
- First ends
- Jul 2042
New loan
New conventional
$3,968/mo
+$3,076/mo- Down payment
- $57,128
- Funds due
- $68,359
- Interest + MI left
- $742,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,872 | $66,872 | $507,872 |
| Second mortgage | — | $441,000 | — |
| First P&I | $466.44 | $466.44 | $3,440.50 |
| Second P&I | — | $3,159.38 | — |
| Mortgage insurance | — | — | $101.57 |
| Taxes, insurance & HOA | $426.00 | $426.00 | $426.00 |
| Total housing payment | $892.43 | $4,051.81 | $3,968.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,128
Closing costs & prepaids$14,181
Usable credit−$0
Total buyer cash needed$71,310
Earnest money paid−$0
Remaining funds due$71,310
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$334.36
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)$678.00
Initial HOA (3 months)$99.99
Prepaid interest, first (7 days)$45.66
Prepaid interest, second (7 days)$655.46
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 closing15 yr 7 moOf the original 20-year loan at 3.56%
Interest already paid$11,593Through Dec 2026
Assumption only · ends Jul 2042$20,352
Assumption + second · ends Jul 2042, second Jan 2057$716,728
New conventional · ends Jan 2057$742,593