Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
Lowest payment- Down payment
- $396,056
- Funds due
- $408,191
- Interest + MI left
- $44,527
- First ends
- Jun 2042
Assumption
Assumption + second
$3,785/mo
+$2,457/mo- Down payment
- $53,056
- Funds due
- $66,878
- Interest + MI left
- $586,152
- First ends
- Jun 2042
New loan
New conventional
$3,687/mo
+$2,359/mo- Down payment
- $53,056
- Funds due
- $63,694
- Interest + MI left
- $690,060
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,944 | $128,944 | $471,944 |
| Second mortgage | — | $343,000 | — |
| First P&I | $932.64 | $932.64 | $3,197.11 |
| Second P&I | — | $2,457.29 | — |
| Mortgage insurance | — | — | $94.39 |
| Taxes, insurance & HOA | $395.42 | $395.42 | $395.42 |
| Total housing payment | $1,328.05 | $3,785.35 | $3,686.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,056
Closing costs & prepaids$13,821
Usable credit−$0
Total buyer cash needed$66,878
Earnest money paid−$0
Remaining funds due$66,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$644.72
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)$630.00
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$85.21
Prepaid interest, second (6 days)$436.97
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 6 moOf the original 30-year loan at 4.02%
Interest already paid$96,342Through Dec 2026
Assumption only · ends Jun 2042$44,527
Assumption + second · ends Jun 2042, second Jan 2057$586,152
New conventional · ends Jan 2057$690,060