Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,848/mo
Lowest payment- Down payment
- $454,871
- Funds due
- $472,963
- Interest + MI left
- $174,057
- First ends
- Dec 2047
Assumption
Assumption + second
$5,513/mo
+$2,665/mo- Down payment
- $82,871
- Funds due
- $102,924
- Interest + MI left
- $761,476
- First ends
- Dec 2047
New loan
New conventional
$5,864/mo
+$3,016/mo- Down payment
- $82,871
- Funds due
- $98,447
- Interest + MI left
- $1,085,042
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,079 | $370,079 | $742,079 |
| Second mortgage | — | $372,000 | — |
| First P&I | $2,159.27 | $2,159.27 | $5,027.10 |
| Second P&I | — | $2,665.05 | — |
| Mortgage insurance | — | — | $148.42 |
| Taxes, insurance & HOA | $688.67 | $688.67 | $688.67 |
| Total housing payment | $2,847.94 | $5,512.99 | $5,864.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,871
Closing costs & prepaids$20,053
Usable credit−$0
Total buyer cash needed$102,924
Earnest money paid−$0
Remaining funds due$102,924
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,249.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,850.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$990.00
Initial HOA (3 months)$426.00
Prepaid interest, first (9 days)$358.62
Prepaid interest, second (9 days)$710.88
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 closing21 yrOf the original 29-year loan at 3.93%
Interest already paid$129,369Through Dec 2026
Assumption only · ends Dec 2047$174,057
Assumption + second · ends Dec 2047, second Jan 2057$761,476
New conventional · ends Jan 2057$1,085,042