Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $413,439
- Funds due
- $426,341
- Interest + MI left
- $51,540
- First ends
- May 2043
Assumption
Assumption + second
$4,037/mo
+$2,543/mo- Down payment
- $58,439
- Funds due
- $73,269
- Interest + MI left
- $612,115
- First ends
- May 2043
New loan
New conventional
$4,014/mo
+$2,521/mo- Down payment
- $58,439
- Funds due
- $69,929
- Interest + MI left
- $755,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,561 | $161,561 | $516,561 |
| Second mortgage | — | $355,000 | — |
| First P&I | $1,081.73 | $1,081.73 | $3,499.36 |
| Second P&I | — | $2,543.26 | — |
| Mortgage insurance | — | — | $103.31 |
| Taxes, insurance & HOA | $411.75 | $411.75 | $411.75 |
| Total housing payment | $1,493.48 | $4,036.74 | $4,014.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,439
Closing costs & prepaids$14,830
Usable credit−$0
Total buyer cash needed$73,269
Earnest money paid−$0
Remaining funds due$73,269
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%)$807.80
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)$45.24
Prepaid interest, first (9 days)$140.62
Prepaid interest, second (9 days)$678.39
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 closing16 yr 5 moOf the original 30-year loan at 3.53%
Interest already paid$97,883Through Dec 2026
Assumption only · ends May 2043$51,540
Assumption + second · ends May 2043, second Jan 2057$612,115
New conventional · ends Jan 2057$755,194