Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $418,083
- Funds due
- $430,869
- Interest + MI left
- $52,453
- First ends
- Aug 2043
Assumption
Assumption + second
$4,023/mo
+$2,579/mo- Down payment
- $58,083
- Funds due
- $72,578
- Interest + MI left
- $620,924
- First ends
- Aug 2043
New loan
New conventional
$4,002/mo
+$2,558/mo- Down payment
- $58,083
- Funds due
- $69,227
- Interest + MI left
- $755,811
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,912 | $156,912 | $516,912 |
| Second mortgage | — | $360,000 | — |
| First P&I | $1,046.83 | $1,046.83 | $3,501.74 |
| Second P&I | — | $2,579.08 | — |
| Mortgage insurance | — | — | $103.38 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,443.49 | $4,022.58 | $4,001.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,083
Closing costs & prepaids$14,495
Usable credit−$0
Total buyer cash needed$72,578
Earnest money paid−$0
Remaining funds due$72,578
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$784.56
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)$690.00
Prepaid interest, first (6 days)$93.63
Prepaid interest, second (6 days)$458.63
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 closing16 yr 8 moOf the original 30-year loan at 3.63%
Interest already paid$95,005Through Dec 2026
Assumption only · ends Aug 2043$52,453
Assumption + second · ends Aug 2043, second Jan 2057$620,924
New conventional · ends Jan 2057$755,811