Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,283/mo
Lowest payment- Down payment
- $511,586
- Funds due
- $525,010
- Interest + MI left
- $33,655
- First ends
- Nov 2042
Assumption
Assumption + second
$4,500/mo
+$3,217/mo- Down payment
- $62,586
- Funds due
- $78,118
- Interest + MI left
- $742,663
- First ends
- Nov 2042
New loan
New conventional
$4,427/mo
+$3,144/mo- Down payment
- $62,586
- Funds due
- $74,941
- Interest + MI left
- $815,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,414 | $108,414 | $557,414 |
| Second mortgage | — | $449,000 | — |
| First P&I | $743.82 | $743.82 | $3,776.12 |
| Second P&I | — | $3,216.69 | — |
| Mortgage insurance | — | — | $111.48 |
| Taxes, insurance & HOA | $539.67 | $539.67 | $539.67 |
| Total housing payment | $1,283.48 | $4,500.17 | $4,427.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,586
Closing costs & prepaids$15,532
Usable credit−$0
Total buyer cash needed$78,118
Earnest money paid−$0
Remaining funds due$78,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$542.07
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)$744.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$94.90
Prepaid interest, second (9 days)$858.02
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 11 moOf the original 30-year loan at 3.55%
Interest already paid$69,500Through Dec 2026
Assumption only · ends Nov 2042$33,655
Assumption + second · ends Nov 2042, second Jan 2057$742,663
New conventional · ends Jan 2057$815,031