Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,364/mo
Lowest payment- Down payment
- $408,216
- Funds due
- $420,622
- Interest + MI left
- $44,919
- First ends
- Oct 2042
Assumption
Assumption + second
$3,893/mo
+$2,529/mo- Down payment
- $55,216
- Funds due
- $69,321
- Interest + MI left
- $602,335
- First ends
- Oct 2042
New loan
New conventional
$3,830/mo
+$2,466/mo- Down payment
- $55,216
- Funds due
- $66,070
- Interest + MI left
- $721,994
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,784 | $140,784 | $493,784 |
| Second mortgage | — | $353,000 | — |
| First P&I | $977.38 | $977.38 | $3,345.06 |
| Second P&I | — | $2,528.94 | — |
| Mortgage insurance | — | — | $98.76 |
| Taxes, insurance & HOA | $386.25 | $386.25 | $386.25 |
| Total housing payment | $1,363.63 | $3,892.57 | $3,830.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,216
Closing costs & prepaids$14,105
Usable credit−$0
Total buyer cash needed$69,321
Earnest money paid−$0
Remaining funds due$69,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$703.92
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)$658.75
Prepaid interest, first (6 days)$84.70
Prepaid interest, second (6 days)$449.71
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 10 moOf the original 30-year loan at 3.66%
Interest already paid$93,547Through Dec 2026
Assumption only · ends Oct 2042$44,919
Assumption + second · ends Oct 2042, second Jan 2057$602,335
New conventional · ends Jan 2057$721,994