Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $384,182
- Funds due
- $398,403
- Interest + MI left
- $133,282
- First ends
- Aug 2049
Assumption
Assumption + second
$4,164/mo
+$2,293/mo- Down payment
- $64,182
- Funds due
- $80,265
- Interest + MI left
- $638,589
- First ends
- Aug 2049
New loan
New conventional
$4,457/mo
+$2,585/mo- Down payment
- $64,182
- Funds due
- $76,457
- Interest + MI left
- $841,941
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,818 | $255,818 | $575,818 |
| Second mortgage | — | $320,000 | — |
| First P&I | $1,430.52 | $1,430.52 | $3,900.79 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | — | — | $115.16 |
| Taxes, insurance & HOA | $440.92 | $440.92 | $440.92 |
| Total housing payment | $1,871.43 | $4,163.95 | $4,456.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,182
Closing costs & prepaids$16,083
Usable credit−$0
Total buyer cash needed$80,265
Earnest money paid−$0
Remaining funds due$80,265
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,279.09
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)$768.00
Initial HOA (3 months)$54.75
Prepaid interest, first (9 days)$251.68
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 closing22 yr 8 moOf the original 30-year loan at 3.99%
Interest already paid$81,704Through Dec 2026
Assumption only · ends Aug 2049$133,282
Assumption + second · ends Aug 2049, second Jan 2057$638,589
New conventional · ends Jan 2057$841,941