Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $441,941
- Funds due
- $454,960
- Interest + MI left
- $43,382
- First ends
- Jun 2042
Assumption
Assumption + second
$4,201/mo
+$2,751/mo- Down payment
- $57,941
- Funds due
- $72,943
- Interest + MI left
- $649,750
- First ends
- Jun 2042
New loan
New conventional
$4,100/mo
+$2,650/mo- Down payment
- $57,941
- Funds due
- $69,729
- Interest + MI left
- $748,613
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,059 | $128,059 | $512,059 |
| Second mortgage | — | $384,000 | — |
| First P&I | $921.73 | $921.73 | $3,468.87 |
| Second P&I | — | $2,751.02 | — |
| Mortgage insurance | — | — | $102.41 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $1,450.39 | $4,201.42 | $4,099.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,941
Closing costs & prepaids$15,003
Usable credit−$0
Total buyer cash needed$72,943
Earnest money paid−$0
Remaining funds due$72,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$640.30
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)$684.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$124.73
Prepaid interest, second (9 days)$733.81
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 closing15 yr 6 moOf the original 30-year loan at 3.95%
Interest already paid$94,203Through Dec 2026
Assumption only · ends Jun 2042$43,382
Assumption + second · ends Jun 2042, second Jan 2057$649,750
New conventional · ends Jan 2057$748,613