Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,720/mo
Lowest payment- Down payment
- $518,982
- Funds due
- $536,742
- Interest + MI left
- $130,623
- First ends
- Dec 2044
Assumption
Assumption + second
$5,843/mo
+$3,124/mo- Down payment
- $82,982
- Funds due
- $102,825
- Interest + MI left
- $819,104
- First ends
- Dec 2044
New loan
New conventional
$5,873/mo
+$3,154/mo- Down payment
- $82,982
- Funds due
- $98,586
- Interest + MI left
- $1,084,953
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,018 | $306,018 | $742,018 |
| Second mortgage | — | $436,000 | — |
| First P&I | $2,021.49 | $2,021.49 | $5,026.69 |
| Second P&I | — | $3,123.56 | — |
| Mortgage insurance | — | — | $148.40 |
| Taxes, insurance & HOA | $698.34 | $698.34 | $698.34 |
| Total housing payment | $2,719.83 | $5,843.38 | $5,873.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,982
Closing costs & prepaids$19,843
Usable credit−$0
Total buyer cash needed$102,825
Earnest money paid−$0
Remaining funds due$102,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,530.09
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$990.00
Initial HOA (3 months)$455.01
Prepaid interest, first (9 days)$316.92
Prepaid interest, second (9 days)$833.18
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 yrOf the original 30-year loan at 4.2%
Interest already paid$183,735Through Dec 2026
Assumption only · ends Dec 2044$130,623
Assumption + second · ends Dec 2044, second Jan 2057$819,104
New conventional · ends Jan 2057$1,084,953