Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,386/mo
Lowest payment- Down payment
- $387,449
- Funds due
- $399,589
- Interest + MI left
- $45,116
- First ends
- Jan 2042
Assumption
Assumption + second
$3,779/mo
+$2,393/mo- Down payment
- $53,449
- Funds due
- $67,335
- Interest + MI left
- $572,530
- First ends
- Jan 2042
New loan
New conventional
$3,665/mo
+$2,280/mo- Down payment
- $53,449
- Funds due
- $64,119
- Interest + MI left
- $689,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,551 | $137,551 | $471,551 |
| Second mortgage | — | $334,000 | — |
| First P&I | $1,009.21 | $1,009.21 | $3,194.45 |
| Second P&I | — | $2,392.82 | — |
| Mortgage insurance | — | — | $94.31 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,385.88 | $3,778.69 | $3,665.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,449
Closing costs & prepaids$13,886
Usable credit−$0
Total buyer cash needed$67,335
Earnest money paid−$0
Remaining funds due$67,335
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%)$687.75
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
Prepaid interest, first (7 days)$103.94
Prepaid interest, second (7 days)$496.42
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 closing15 yr 1 moOf the original 30-year loan at 3.94%
Interest already paid$105,269Through Dec 2026
Assumption only · ends Jan 2042$45,116
Assumption + second · ends Jan 2042, second Jan 2057$572,530
New conventional · ends Jan 2057$689,391