Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,643/mo
Lowest payment- Down payment
- $378,584
- Funds due
- $391,481
- Interest + MI left
- $58,023
- First ends
- Jul 2043
Assumption
Assumption + second
$3,942/mo
+$2,300/mo- Down payment
- $57,584
- Funds due
- $72,140
- Interest + MI left
- $564,909
- First ends
- Jul 2043
New loan
New conventional
$3,961/mo
+$2,318/mo- Down payment
- $57,584
- Funds due
- $68,660
- Interest + MI left
- $747,775
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,416 | $190,416 | $511,416 |
| Second mortgage | — | $321,000 | — |
| First P&I | $1,248.44 | $1,248.44 | $3,464.51 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $102.28 |
| Taxes, insurance & HOA | $394.25 | $394.25 | $394.25 |
| Total housing payment | $1,642.69 | $3,942.37 | $3,961.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,584
Closing costs & prepaids$14,557
Usable credit−$0
Total buyer cash needed$72,140
Earnest money paid−$0
Remaining funds due$72,140
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%)$952.08
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)$104.86
Prepaid interest, second (6 days)$408.95
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 7 moOf the original 30-year loan at 3.35%
Interest already paid$108,138Through Dec 2026
Assumption only · ends Jul 2043$58,023
Assumption + second · ends Jul 2043, second Jan 2057$564,909
New conventional · ends Jan 2057$747,775