Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $427,896
- Funds due
- $440,553
- Interest + MI left
- $49,302
- First ends
- Feb 2040
Assumption
Assumption + second
$4,250/mo
+$2,651/mo- Down payment
- $57,896
- Funds due
- $72,274
- Interest + MI left
- $633,563
- First ends
- Feb 2040
New loan
New conventional
$3,959/mo
+$2,360/mo- Down payment
- $57,896
- Funds due
- $68,968
- Interest + MI left
- $747,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,104 | $141,104 | $511,104 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,205.10 | $1,205.10 | $3,462.40 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | — | — | $102.22 |
| Taxes, insurance & HOA | $394.25 | $394.25 | $394.25 |
| Total housing payment | $1,599.35 | $4,250.08 | $3,958.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,896
Closing costs & prepaids$14,379
Usable credit−$0
Total buyer cash needed$72,274
Earnest money paid−$0
Remaining funds due$72,274
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$705.52
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)$682.75
Prepaid interest, first (6 days)$110.87
Prepaid interest, second (6 days)$471.37
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 closing13 yr 2 moOf the original 30-year loan at 4.78%
Interest already paid$154,315Through Dec 2026
Assumption only · ends Feb 2040$49,302
Assumption + second · ends Feb 2040, second Jan 2057$633,563
New conventional · ends Jan 2057$747,216