Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $380,290
- Funds due
- $393,780
- Interest + MI left
- $95,039
- First ends
- Oct 2045
Assumption
Assumption + second
$4,087/mo
+$2,293/mo- Down payment
- $60,290
- Funds due
- $75,642
- Interest + MI left
- $600,346
- First ends
- Oct 2045
New loan
New conventional
$4,163/mo
+$2,369/mo- Down payment
- $60,290
- Funds due
- $72,025
- Interest + MI left
- $787,683
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,710 | $218,710 | $538,710 |
| Second mortgage | — | $320,000 | — |
| First P&I | $1,388.27 | $1,388.27 | $3,649.41 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | — | — | $107.74 |
| Taxes, insurance & HOA | $406.25 | $406.25 | $406.25 |
| Total housing payment | $1,794.52 | $4,087.04 | $4,163.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,290
Closing costs & prepaids$15,352
Usable credit−$0
Total buyer cash needed$75,642
Earnest money paid−$0
Remaining funds due$75,642
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%)$1,093.55
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
Prepaid interest, first (9 days)$220.03
Prepaid interest, second (9 days)$611.51
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 4.08%
Interest already paid$116,739Through Dec 2026
Assumption only · ends Oct 2045$95,039
Assumption + second · ends Oct 2045, second Jan 2057$600,346
New conventional · ends Jan 2057$787,683