Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,483/mo
Lowest payment- Down payment
- $367,218
- Funds due
- $379,373
- Interest + MI left
- $51,154
- First ends
- Apr 2042
Assumption
Assumption + second
$3,740/mo
+$2,257/mo- Down payment
- $52,218
- Funds due
- $66,024
- Interest + MI left
- $548,565
- First ends
- Apr 2042
New loan
New conventional
$3,637/mo
+$2,154/mo- Down payment
- $52,218
- Funds due
- $62,747
- Interest + MI left
- $683,975
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,782 | $152,782 | $467,782 |
| Second mortgage | — | $315,000 | — |
| First P&I | $1,108.35 | $1,108.35 | $3,168.92 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | — | — | $93.56 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $1,483.01 | $3,739.71 | $3,637.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,218
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$66,024
Earnest money paid−$0
Remaining funds due$66,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$763.91
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)$624.00
Prepaid interest, first (6 days)$99.20
Prepaid interest, second (6 days)$401.30
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 4 moOf the original 30-year loan at 3.95%
Interest already paid$114,288Through Dec 2026
Assumption only · ends Apr 2042$51,154
Assumption + second · ends Apr 2042, second Jan 2057$548,565
New conventional · ends Jan 2057$683,975