Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $382,924
- Funds due
- $395,305
- Interest + MI left
- $45,437
- First ends
- Jan 2043
Assumption
Assumption + second
$3,772/mo
+$2,357/mo- Down payment
- $53,924
- Funds due
- $68,184
- Interest + MI left
- $564,956
- First ends
- Jan 2043
New loan
New conventional
$3,737/mo
+$2,323/mo- Down payment
- $53,924
- Funds due
- $64,954
- Interest + MI left
- $695,860
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,976 | $146,976 | $475,976 |
| Second mortgage | — | $329,000 | — |
| First P&I | $996.96 | $996.96 | $3,224.43 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $95.20 |
| Taxes, insurance & HOA | $417.59 | $417.59 | $417.59 |
| Total housing payment | $1,414.55 | $3,771.54 | $3,737.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,924
Closing costs & prepaids$14,260
Usable credit−$0
Total buyer cash needed$68,184
Earnest money paid−$0
Remaining funds due$68,184
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$734.88
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)$636.00
Initial HOA (3 months)$116.76
Prepaid interest, first (9 days)$126.84
Prepaid interest, second (9 days)$628.71
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 closing16 yr 1 moOf the original 30-year loan at 3.5%
Interest already paid$91,451Through Dec 2026
Assumption only · ends Jan 2043$45,437
Assumption + second · ends Jan 2043, second Jan 2057$564,956
New conventional · ends Jan 2057$695,860