Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $426,004
- Funds due
- $439,561
- Interest + MI left
- $59,783
- First ends
- Apr 2039
Assumption
Assumption + second
$4,701/mo
+$2,622/mo- Down payment
- $60,004
- Funds due
- $75,510
- Interest + MI left
- $637,728
- First ends
- Apr 2039
New loan
New conventional
$4,265/mo
+$2,186/mo- Down payment
- $60,004
- Funds due
- $72,042
- Interest + MI left
- $788,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,996 | $172,996 | $538,996 |
| Second mortgage | — | $366,000 | — |
| First P&I | $1,572.83 | $1,572.83 | $3,651.35 |
| Second P&I | — | $2,622.07 | — |
| Mortgage insurance | — | — | $107.80 |
| Taxes, insurance & HOA | $506.25 | $506.25 | $506.25 |
| Total housing payment | $2,079.08 | $4,701.15 | $4,265.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,004
Closing costs & prepaids$15,507
Usable credit−$0
Total buyer cash needed$75,510
Earnest money paid−$0
Remaining funds due$75,510
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$864.98
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)$718.75
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$215.42
Prepaid interest, second (9 days)$699.41
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 closing12 yr 4 moOf the original 30-year loan at 5.05%
Interest already paid$215,108Through Dec 2026
Assumption only · ends Apr 2039$59,783
Assumption + second · ends Apr 2039, second Jan 2057$637,728
New conventional · ends Jan 2057$788,101