Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $476,769
- Funds due
- $490,323
- Interest + MI left
- $66,116
- First ends
- Jan 2046
Assumption
Assumption + second
$4,371/mo
+$2,952/mo- Down payment
- $64,769
- Funds due
- $80,185
- Interest + MI left
- $716,699
- First ends
- Jan 2046
New loan
New conventional
$4,427/mo
+$3,008/mo- Down payment
- $64,769
- Funds due
- $76,744
- Interest + MI left
- $839,621
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,231 | $162,231 | $574,231 |
| Second mortgage | — | $412,000 | — |
| First P&I | $997.15 | $997.15 | $3,890.04 |
| Second P&I | — | $2,951.62 | — |
| Mortgage insurance | — | — | $114.85 |
| Taxes, insurance & HOA | $422.25 | $422.25 | $422.25 |
| Total housing payment | $1,419.40 | $4,371.02 | $4,427.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,769
Closing costs & prepaids$15,416
Usable credit−$0
Total buyer cash needed$80,185
Earnest money paid−$0
Remaining funds due$80,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$811.16
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)$766.75
Prepaid interest, first (7 days)$118.23
Prepaid interest, second (7 days)$612.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing19 yr 1 moOf the original 30-year loan at 3.8%
Interest already paid$78,858Through Dec 2026
Assumption only · ends Jan 2046$66,116
Assumption + second · ends Jan 2046, second Jan 2057$716,699
New conventional · ends Jan 2057$839,621