Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,557/mo
Lowest payment- Down payment
- $486,466
- Funds due
- $500,450
- Interest + MI left
- $75,476
- First ends
- Oct 2045
Assumption
Assumption + second
$4,558/mo
+$3,002/mo- Down payment
- $67,466
- Funds due
- $83,501
- Interest + MI left
- $737,112
- First ends
- Oct 2045
New loan
New conventional
$4,600/mo
+$3,043/mo- Down payment
- $67,466
- Funds due
- $79,972
- Interest + MI left
- $873,694
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,534 | $178,534 | $597,534 |
| Second mortgage | — | $419,000 | — |
| First P&I | $1,123.94 | $1,123.94 | $4,047.90 |
| Second P&I | — | $3,001.77 | — |
| Mortgage insurance | — | — | $119.51 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $1,556.60 | $4,558.37 | $4,600.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,466
Closing costs & prepaids$16,035
Usable credit−$0
Total buyer cash needed$83,501
Earnest money paid−$0
Remaining funds due$83,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$892.67
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)$798.00
Prepaid interest, first (9 days)$175.21
Prepaid interest, second (9 days)$800.69
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 10 moOf the original 30-year loan at 3.98%
Interest already paid$93,151Through Dec 2026
Assumption only · ends Oct 2045$75,476
Assumption + second · ends Oct 2045, second Jan 2057$737,112
New conventional · ends Jan 2057$873,694