Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,130/mo
Lowest payment- Down payment
- $441,450
- Funds due
- $456,471
- Interest + MI left
- $106,666
- First ends
- Sep 2045
Assumption
Assumption + second
$4,788/mo
+$2,658/mo- Down payment
- $70,450
- Funds due
- $87,430
- Interest + MI left
- $692,506
- First ends
- Sep 2045
New loan
New conventional
$4,884/mo
+$2,755/mo- Down payment
- $70,450
- Funds due
- $83,562
- Interest + MI left
- $913,195
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,550 | $253,550 | $624,550 |
| Second mortgage | — | $371,000 | — |
| First P&I | $1,600.96 | $1,600.96 | $4,230.92 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | — | — | $124.91 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $2,129.62 | $4,787.51 | $4,884.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,450
Closing costs & prepaids$16,980
Usable credit−$0
Total buyer cash needed$87,430
Earnest money paid−$0
Remaining funds due$87,430
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,267.75
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)$834.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$248.83
Prepaid interest, second (9 days)$708.97
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 9 moOf the original 30-year loan at 3.98%
Interest already paid$133,529Through Dec 2026
Assumption only · ends Sep 2045$106,666
Assumption + second · ends Sep 2045, second Jan 2057$692,506
New conventional · ends Jan 2057$913,195