Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,273/mo
Lowest payment- Down payment
- $442,523
- Funds due
- $455,424
- Interest + MI left
- $54,929
- First ends
- Apr 2046
Assumption
Assumption + second
$4,031/mo
+$2,758/mo- Down payment
- $57,523
- Funds due
- $72,410
- Interest + MI left
- $662,876
- First ends
- Apr 2046
New loan
New conventional
$4,074/mo
+$2,801/mo- Down payment
- $57,523
- Funds due
- $69,185
- Interest + MI left
- $756,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,477 | $132,477 | $517,477 |
| Second mortgage | — | $385,000 | — |
| First P&I | $807.78 | $807.78 | $3,505.57 |
| Second P&I | — | $2,758.19 | — |
| Mortgage insurance | — | — | $103.50 |
| Taxes, insurance & HOA | $465.34 | $465.34 | $465.34 |
| Total housing payment | $1,273.12 | $4,031.31 | $4,074.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,523
Closing costs & prepaids$14,887
Usable credit−$0
Total buyer cash needed$72,410
Earnest money paid−$0
Remaining funds due$72,410
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$662.38
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)$690.00
Initial HOA (3 months)$206.01
Prepaid interest, first (9 days)$124.46
Prepaid interest, second (9 days)$735.72
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 closing19 yr 4 moOf the original 30-year loan at 3.81%
Interest already paid$62,725Through Dec 2026
Assumption only · ends Apr 2046$54,929
Assumption + second · ends Apr 2046, second Jan 2057$662,876
New conventional · ends Jan 2057$756,637