Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $424,863
- Funds due
- $439,066
- Interest + MI left
- $92,988
- First ends
- Sep 2045
Assumption
Assumption + second
$4,459/mo
+$2,579/mo- Down payment
- $64,863
- Funds due
- $81,004
- Interest + MI left
- $661,458
- First ends
- Sep 2045
New loan
New conventional
$4,537/mo
+$2,657/mo- Down payment
- $64,863
- Funds due
- $77,331
- Interest + MI left
- $849,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,037 | $221,037 | $581,037 |
| Second mortgage | — | $360,000 | — |
| First P&I | $1,395.66 | $1,395.66 | $3,936.15 |
| Second P&I | — | $2,579.08 | — |
| Mortgage insurance | — | — | $116.21 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $1,880.33 | $4,459.42 | $4,537.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,863
Closing costs & prepaids$16,141
Usable credit−$0
Total buyer cash needed$81,004
Earnest money paid−$0
Remaining funds due$81,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,459.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,105.18
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)$775.00
Initial HOA (3 months)$179.01
Prepaid interest, first (9 days)$216.92
Prepaid interest, second (9 days)$687.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 9 moOf the original 30-year loan at 3.98%
Interest already paid$116,406Through Dec 2026
Assumption only · ends Sep 2045$92,988
Assumption + second · ends Sep 2045, second Jan 2057$661,458
New conventional · ends Jan 2057$849,572